Question: eBook Problem 4-3 Interest Rate on a Single Payment Your parents will retire in 17 years. They currently have $280,000, and they think they will

eBook Problem 4-3 Interest Rate on a Single Payment Your parents

eBook Problem 4-3 Interest Rate on a Single Payment Your parents will retire in 17 years. They currently have $280,000, and they think they will need $1 million 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. 9%

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