1. An engineer invests $7350 at the end of every year for a 30-year career. If the engineer wants $1 million in savings at retirement, what interest rate must the investment earn?

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section19.1: Present Value: Measuring The Time Value Of Money
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Engineering Econ HW6 Q1

1. An engineer invests $7350 at the end of every year for a 30-year career. If the engineer
wants $1 million in savings at retirement, what interest rate must the investment earn?
Transcribed Image Text:1. An engineer invests $7350 at the end of every year for a 30-year career. If the engineer wants $1 million in savings at retirement, what interest rate must the investment earn?
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