Your parents will retire in 22 years. They currently have $250,000 saved, and they think they will need $800,000 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. %

Your parents will retire in 22 years. They currently have $250,000 saved, and they think they will need $800,000 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. %

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Your parents will retire in 22 years. They currently have $250,000 saved, and they think they will need $800,000 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.
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