Your son is born today and you want to make him a millionaire by the t
Your son is born today and you want to make him a millionaire by the time he is 50 years old.
You
deposit $10,700 in an investment account and want to know what annual interest rate must you
earn in order to have the account value equal to $1,000,000 on your son’s 50th birthday.
A) 6.2% B) 9.5% C) 17.8% D) 12.4%
ANSWER
B
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