A woman who is now 28 years old invests $40,000 in a retirement account. What interest rate, compounded daily, would she have to earn in order for the account to be worth $600,000 when she retires at age 65? Round your final answer to two decimal places.

A woman who is now 28 years old invests $40,000 in a retirement account. What interest rate, compounded daily, would she have to earn in order for the account to be worth $600,000 when she retires at age 65? Round your final answer to two decimal places.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 7CE

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