Question: You are trying to decide how much to save for retirement. Assume you plan to save $ 5000 per year with the first investment made
You are trying to decide how much to save for retirement. Assume you plan to save $ 5000 per year with the first investment made one year from now. You think you can earn 5.5?% per year on your investments and you plan to retire in 31 ?years, immediately after making your last $ 5000 investment.. Assuming the most you can afford to save is $1,000 per? year, but you want to retire with $1,000,000 in your investment? account, how high of a return do you need to earn on your? investments? (Use? trial-and-error, a financial? calculator: solve for the interest? rate, or? Excel: function? RATE)You will need a return of _%
( plz explain how can i solve it )
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