You want to have $3.15 million when you retire in 35 years. You feel that you can save $775 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice 10.26% 11.40% 11.73% 10.96%

You want to have $3.15 million when you retire in 35 years. You feel that you can save $775 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice 10.26% 11.40% 11.73% 10.96%

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter2: Using Financial Statements And Budgets

Section: Chapter Questions

Problem 5FPE

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Question

You want to have $3.15 million when you retire in 35 years. You feel that you can save $775 per month until you retire. What APR do you have to earn in
order to achieve your goal?
Multiple Choice
10.26%
11.40%
11.73%
10.96%

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