What rate of return must you earn on that savings

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Reference no: EM13987910

Imagine that your goal is to retire 34 years from today with $1,000,000 in savings.

Assuming that you currently (i.e., today) have $5,000 in savings, what rate of return must you earn on that savings to hit your goal? (Hint: Solve your future value formula for the discount rate, R)

*Make sure to input all percentage answers as numeric values without symbols, and use four decimal places of precision. For example, if the answer is 6%, then enter 0.0600.

Reference no: EM13987910

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