Interest rate on single payment

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Interest Rate on a Single Payment

Your parents will retire in 13 years. They currently have $290,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.

Reference no: EM131328471

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Interest rate on single payment : Your parents will retire in 13 years. They currently have $290,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?

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