1 answer

Your parents will retire in 28 years. They currently have $220,000 saved, and they think they...

Question:

Your parents will retire in 28 years. They currently have $220,000 saved, and they think they will need $1,050,000 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.


Answers

Number of years =28
PV =220000
FV =1050000
Annual Rate=(FV/PV)^(1/n)-1 =(1050000/220000)^(1/28)-1 =5.74%

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