Your retirement account has a current balance of $50,000.You plan to add $6,000 a year to the account for each of the next 30 years.Use a financial calculator or Excel to find what interest rate you need to earn in order to have $1,000,000 in the account at the end of the 30 years.?
A) 5.02%
B) 7.24%
C) 9.80%
D) 10.07%

Question

Quizplus · Accepted Answer

Financial calculator: n = 30; PV = −50,000; PMT = −6,000; FV = 1,000,000; CPT i = 7.24%, orExcel function Rate(nper, PMT, PV, FV)

Your Retirement Account Has a Current Balance of $50,000