"Meghan recently inherited $1,420,000, which she immediately invested in an equity index mutual fund. If she plans to withdraw $5,000 per month from her account, what annual interest rate must she earn in order to have $199,000 left after 37 years? (Enter your answer as a whole number with two decimal places. For example, if your answer is 14.1025%, enter 14.10 as your answer)"
"Meghan recently inherited $1,420,000, which she immediately invested in an equity index mutual fund. If she plans to withdraw $5,000 per month from her account, what annual interest rate must she earn in order to have $199,000 left after 37 years? (Enter your answer as a whole number with two decimal places. For example, if your answer is 14.1025%, enter 14.10 as your answer)"
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:"Meghan recently inherited $1,420,000, which she immediately invested
in an equity index mutual fund. If she plans to withdraw $5,000 per month
from her account, what annual interest rate must she earn in order to
have $199,000 left after 37 years? (Enter your answer as a whole number
with two decimal places. For example, if your answer is 14.1025%, enter
14.10 as your answer)"
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