Question: Solve using by hand and provide the formula that was used to get the answer. Mr. Fish wants to build a house in 5 years.

Solve using by hand and provide the formula that was used to get the answer.

Mr. Fish wants to build a house in 5 years. He estimates that the total cost will be $250,000. If he can put aside $40,000 at the end of each year (i.e., t=1, 2, 3, 4, and 5),

What rate of return must he earn in order to have the amount needed?

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