Your brother plans to retire in 15 years. He currently has a deposit of $300,000, and think he will need $1,500,000 at retirement. If he can save and deposit $7,000 at the end of each year in the following 15 years, what annual rate of interest must he eam to reach his goal? a. 11.12% Ob.8.52% Oc. 7.44% O d. 9.00% Oe. 10.13%

Your brother plans to retire in 15 years. He currently has a deposit of $300,000, and think he will need $1,500,000 at retirement. If he can save and deposit $7,000 at the end of each year in the following 15 years, what annual rate of interest must he eam to reach his goal? a. 11.12% Ob.8.52% Oc. 7.44% O d. 9.00% Oe. 10.13%

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 14E

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