Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. In an attempt to reach this goal, you decide to save $75 a day, every day, until you turn 40. You open an investment account and deposit your first $75 today. What rate of return must you earn to achieve your goal? Note: Ignore Leap Years.
A) 7.67 percent
B) 6.27 percent
C) 9.20 percent
D) 7.06 percent
E) 8.54 percent
Correct Answer:
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