Time ValuePersonal Finance Problem Misty needs to have

$15 comma 00015,000

in

55

years to fulfill her goal of purchasing a small sailboat. She is willing to invest a lump sum today and leave the money untouched for

55

years until it grows to

$15 comma 00015,000,

but she wonders what sort of investment return she will need to earn to reach her goal. Use your calculator or spreadsheet to figure out the approximate annually compounded rate of return needed if she can invest

$11 comma 20011,200

today.

The annually compounded rate of return Misty needs to earn to reach her goal is

nothing%.

(Round to two decimal places.)