Your parents will retire in 23 years. They currently have $300,000 saved, and they think they will need $2,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. %

Your parents will retire in 23 years. They currently have $300,000 saved, and they think they will need $2,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. %

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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Your parents will retire in 23 years. They currently have $300,000 saved, and they think they will need $2,500,000 at retirement. What annual interest rate must
they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
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