logo

Crowdly

John wants to provide $1,000,000 in 20 years towards his retirement. John has...

✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.

John wants to provide $1,000,000 in 20 years towards his retirement.

John has currently $100,000 in his savings account. What annual interest rate

must John earn to have the $1,000,000 when he needs it?

Give the

answer in percentage, rounding to the nearest unit, with no decimal places

(e.g., if the answer would be 3.234%, give 3; or if the answer would be 4.562%, give 5).

More questions like this

Want instant access to all verified answers on moodle.uleth.ca?

Get Unlimited Answers To Exam Questions - Install Crowdly Extension Now!