Finding the required interest rate Your parents will retire in 29 years. They currently have $290,000 saved, and they think they will need $1,450,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds? Round your answer to two decimal places.

    solution: FV-PV (1+r)n 1450000 290000*1+r)A29 (1+r)29-1450000/290000 (1+r)A29-5 FV Future prize PV Present prize r Annual int