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SashulF [63]
3 years ago
10

Your retirement account has a current balance of $50,000. You plan to add $6,000 a year to the account for each of the next 30 y

ears. Use a financial calculator or Excel to find what interest rate you need to earn in order to have $1,000,000 in the account at the end of the 30 years.
Business
1 answer:
enot [183]3 years ago
4 0

Answer:

21.45%

Explanation:

Remaining amount to have $1,000,000 = $1,000,000 - $50,000 = $950,000

Using the interest rate function RATE(nper,pmt,pv,fv) in the excel, we obtain an interest rate of 21.45%

Where,

nper = number of period = 30

pmt = annual payment

pv = present value which has a default value of 0.

fv = future value = $950,000

Note: Find attached the excel sheet to see result.

Download xlsx
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Answer:

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Answer:

Answer for the question:

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is given in the attachment.

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