Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. finding the required interest rate your parents wi

Finding the required interest rate Your parents will retire in 23 years. They currently have...

90.2K

Verified Solution

Question

Finance

Finding the required interest rate

Your parents will retire in 23 years. They currently have $210,000 saved, and they think they will need $2,200,000 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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Preparing the [I] consolidation entries for sale of depreciable assets—Equity method Assume that on January 1, 2016,...

Biology
1.2K views

5 How does a solution appear when it is positive for the presence of lipids

Physics
1.2K views

Phy Section B This section contains 15 SINGLE CORRECT TYPE questions Out of these 15...

Basic Math
1.2K views

FICA is a tax that includes two separate taxes Medicare and O Vacation O Social...

Statistics
1.2K views

data set Find the regression equation for the response variable y X y 53 3...

Statistics
1.2K views

Taylor got a box of 24 assorted chocolates as a gift The box contains 15...

Statistics
1.2K views

The actual volumes of quart size jars of Hellmann s mayonnaise are uniformly distributed from...

Calculus
1.2K views

Consider the following function f x X 5 x 25 a Explain why f has...

Accounting
1.2K views

Can you solve this for me?

Accounting
1.2K views

1-Pat stands in front of Roosters Round-Up Caf, shouting fighting words that are likely to...

Accounting
1.2K views

Campbell, Incorporated has the following assets in its trial balance: What is the total balance...

Accounting
1.2K views

The WRT Corporation makes collections on sales according to the following schedule: -15% in...