Your parents will retire in 17 years. They currently have $345,000, and they think they will need $1,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? 7.25% 11.05% 10.45% 9.03% 8.00%
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This can be done by subtracting their current savings from their desired retirement amount: $1,500,000 - $345,000 = $1,155,000 Show more…
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