Stella has $3,000,000 in her investment fund. She wishes to withdraw $338,868 at the end of each of the next 13 years. What interest rate must she earn in order to accomplish her goal.

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
icon
Related questions
Question

Stella has $3,000,000 in her investment fund. She wishes to withdraw $338,868 at the end of each of the next 13 years. What interest rate must she earn in order to accomplish her goal. 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning