You want to have $2.45 million when you retire in 37 years. You feel that you...

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You want to have $2.45 million when you retire in 37 years. You feel that you can save $420 per month until you retire. What APR do you have to earn in order to achieve your goal ?

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Answer 1

Answer #1

APR is calculated using the rate function:-

=RATE(nper,pmt,pv,fv)

=RATE(37*12,-420,,2450000)*12

=10.81%

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Answer 2

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