Suppose you are 28 yrs old and are looking to start a retirement account. You desire to have $6 million in your account when you retire at age 65. You feel that you can afford to invest monthly payments of $700. What rate of return (in percent) will you need to get to meet your savings goal?

Answer rating: 100% (QA)

To determine the rate of return in percent needed to reach your retirement goal of 6 million you can ... View the full answer