Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. interest rate on a single payment your parents wil

Interest Rate on a Single Payment Your parents will retire in 16 years. They currently...

90.2K

Verified Solution

Question

Finance

image

Interest Rate on a Single Payment Your parents will retire in 16 years. They currently have $200,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Do not round intermediate calculations. 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

Chemistry
1.2K views

Solid HgO, liquid Hg, and gaseous O2 are placed in a glass bulb and the reaction...

Medical Sciences
1.2K views

The mother of your close friend is also told to exercise. Why? Although many types of...

Mechanical Engineering
1.2K views

How does inserting parts to form subassemblies save time in documenting designs?

Calculus
1.2K views

4 Plot the following functions a f x x 2x x 1 b g x...

Algebra
1.2K views

Given the three different functions below which of the statements is NOT true f x...

Accounting
1.2K views

Teal Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company...

Accounting
1.2K views

Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI...

Accounting
1.2K views

i need help with this asap please ...

Accounting
1.2K views

Why do u think Companies overstate profits? And how they can achieve it?

Accounting
1.2K views

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards...

Accounting
1.2K views

The standard cost of Product B manufactured by Sandhill Company includes 3.6 units of direct...

Accounting
1.2K views

Camp manufacturers has a cash conversion cycle of 45 days and cash operating expenditure of...