How much of this amount represents interest

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Reference no: EM132058358

1. How much will Marie have in her retirement account in 9 years if her contribution is $4500 per year and the annual return on the account is 7% How much of this amount represents interest?

2. Finding the required interest rate (Use both math formulas and Excel financial functions.)

Your parents will retire in 15 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: EM132058358

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