Your parents will retire in 26 years. They currently have $220,000 saved, and they think they will need $1,950,000 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.

Annual rate of interest is 9%

Explanation:

The annual rate of interest is computed using the excel formula of Rate as:

=Rate(nper,pmt,pv,fv,type)

where

nper is number of years which is 26 years

Pmt is monthly payment which is 0

pv is present value which is -$220,000

fv is future value which is $1,950,000

type is 0

So, putting the values above:

=Rate(26,0,-220000,1950000,0)

=9%

Therefore, the rate of interest is 9%

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