Your parents will retire in 19 years. They currently have $398,736, and they think they will need $1,804,897 at retirement. Assuming they don't save any additional funds, the annual interest rate they must earn to achieve their goal would be _______________%. Margin of error for correct responses: +/- .03(%).
Your parents will retire in 19 years. They currently have $398,736, and they think they will need $1,804,897 at retirement. Assuming they don't save any additional funds, the annual interest rate they must earn to achieve their goal would be _______________%. Margin of error for correct responses: +/- .03(%).
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Your parents will retire in 19 years. They currently have $398,736, and they
think they will need $1,804,897 at retirement. Assuming they don't save
any additional funds, the annual interest rate they must earn to achieve
their goal would be _______________%.
Margin of error for correct responses: +/- .03(%).
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