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ignment Week 3 nt: Homework Assignment Week 3 Assignment Score: 60 00% Save Subm

ID: 2821181 • Letter: I

Question

ignment Week 3 nt: Homework Assignment Week 3 Assignment Score: 60 00% Save Submit Assignment for Grading Problem 5.03 (Finding the Required Interest Rate s Question 3 of 10 Check My Work (1 remaining) eBook l need $800,000 at retirement. What annual Interest rate must they earn Your parents will retire in 24 years. They currently have $300,000 saved, and they think they wil o to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places Check My Work ( remaining) 915 M %22/2018

Explanation / Answer

Rate = (Future value / Present value)^(1/Years) -1

Rate = (800000 / 300000)^(1/24) -1

Rate = Annual interest rate = 4.17%

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