Your retirement account has a current balance of $56,500. What interest rate would you need to be earned in order to accumulate a total of $1,500,000 in 40 years, by adding $6,700 annually? Suppose deposits are made at the beginning of the year. Make sure to show your work.
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Your retirement account has a current balance of $56,500. What interest rate would you need to be earned in order to accumulate a total of $1,500,000 in 40 years, by adding $6,700 annually? Suppose deposits are made at the beginning of the year. Make sure to show your work.
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- Balance of payment. Fast pleaseJoe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?You deposit $3,000 in a bank at an annual interest rate of 7%. What will your bank balance be in 27 years?