Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday?
Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![#5
Derek can deposit $11,000 on each birthday beginning
with his 26th and ending with his 65th. What will the rate
on the retirement account need to be for him to have
$3,000,000 in it when he retires on his 65th birthday?
Submit
Answer format: Percentage Round to: 4 decimal places
(Example: 9.2434%, % sign required. Will accept
decimal format rounded to 6 decimal places (ex:
0.092434))](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F066a8f6b-0850-46b7-9749-7f575952e384%2F74f8c98e-3da7-4e74-a7ae-4dc95fca1309%2Fccxcdhc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:#5
Derek can deposit $11,000 on each birthday beginning
with his 26th and ending with his 65th. What will the rate
on the retirement account need to be for him to have
$3,000,000 in it when he retires on his 65th birthday?
Submit
Answer format: Percentage Round to: 4 decimal places
(Example: 9.2434%, % sign required. Will accept
decimal format rounded to 6 decimal places (ex:
0.092434))
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