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cricket20 [7]
3 years ago
7

Your parents will retire in 26 years. They currently have $220,000 saved, and they think they will need $1,950,000 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.
Business
1 answer:
Artyom0805 [142]3 years ago
6 0

Answer:

Annual rate of interest is 9%

Explanation:

The annual rate of interest is computed using the excel formula of Rate as:

=Rate(nper,pmt,pv,fv,type)

where

nper is number of years which is 26 years

Pmt is monthly payment which is 0

pv is present value which is -$220,000

fv is future value which is $1,950,000

type is 0

So, putting the values above:

=Rate(26,0,-220000,1950000,0)

=9%

Therefore, the rate of interest is 9%

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Answer:

The correct answer is:  $1,000,000 (one million dollars).

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3 years ago
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Answer:

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Explanation:

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