Finance

Suppose you would like to retire in 50 years as a millionaire. If you have $7,500 today, what rate of return must you earn on $7,500 to achieve your goal

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  1. 7500(1+r)^50 = 1000000
    (1+r)^50 = 400/3
    take 50th root of both sides
    1+r = 1.1028..
    r = .1028
    = appr 10.28%

    Good luck!

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