Business, 22.01.2021 06:00 shemarmcdonald4662

You have a goal to retire in 35 years with $1 million. To achieve this you plan to save $100 per month until you retire. What is the formula that will determine the annual interest rate you will need to earn to achieve your retirement goal. You should assume that the interest rate will not change over the 35 years, you will save the money at the end of the month, and you currently have no money saved.

A.
=RATE(3512,100,0,-1000000)

B.
=RATE(3512,100,-1000000)12

C.
=RATE(35,100,0,-1000000)

D.
=RATE(3512,100,0,-1000000)*12

Answers: 2

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You have a goal to retire in 35 years with $1 million. To achieve this you plan to save $100 per mon...

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