Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financialconstraints, he is unable to add to this investment. What interest rate must he earn to achieve his goal?

Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financialconstraints, he is unable to add to this investment. What interest rate must he earn to achieve his goal?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 10E

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Question

Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financial
constraints, he is unable to add to this investment. What interest rate must he earn to achieve his goal?

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