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Furkat [3]
3 years ago
9

An engineer invests $5,000 at the end of every year for a 40-year career. If the engineer wants $1 million in savings at retirem

ent, what interest rate must the investment earn
Business
1 answer:
Feliz [49]3 years ago
5 0

Answer: 7%

Explanation:

Given data:

P = $5,000

r = ?

t = 40years

i = $1,000,000

Solution:

NFW = 0 = -$5000 ( F/A , i , 40 ) + $1,000,000

( F/A , i , 40 ) = $1,000,000 / $5,000

= 200

From compound interest table

( F/A , 7% , 40 ) = 199.636

Therefore the return for the investment would be 7%

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