Find the required interest rate your parents will retire

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Reference no: EM13231770

1. Future Value -- If you deposit $10,000 in a bank account that pays 10 percent interest annually, how much would be in your account after 5 years?

2. Present Value -- What is the present value of a security that will pay $5,000 in 20 years if securities of equal risk pay 7 percent annually?

3. Find the Required Interest Rate -- Your parents will retire in 18 years. They currently have $250,000 and they think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?

Reference no: EM13231770

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