Assume interest is compounded annually

Assume interest is compounded annually

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You find out that if you deposit your current savings of $20,000 today in a bank account and keep on depositing $15,000 every year (at the end of each year), you will have one million dollars when you retire 35 years from today. What is the annual interest rate paid by the bank account? Assume interest is compounded annually.

Reference no: EM131577402

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