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What rate does allie have to earn in this account

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Question 1 - Allie has $3,750 in a retirement account. She has calculated that when she retires in 29 years, the account should have $100,000. If this account compounds interest every month, what rate does Allie have to earn in this account?

Question 2 - Colton has $12,000 in a retirement account. He has calculated that when he retires in 33 years, the account should have $500,000. If this account compounds interest every month, what rate does Colton have to earn for this account?

Question 3 - A PV of $32,000 is expected to grow to equal a FV of $1,000,000, 36 years from now. With monthly compounding, what annual rate of return is required to make this happen?

Reference no: EM133112051

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