INTEREST RATE: Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds?
PV=-$250,000 FV=1,000,000
N=18
Find I/Y
Answer: CPT THEN PRESS I/Y = 8.01
Please let me know if I got this one right!
PV=-$250,000 FV=1,000,000
N=18
Find I/Y
Answer: CPT THEN PRESS I/Y = 8.01
Please let me know if I got this one right!