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4. Your retirement account has a current balance of $66,500. What interest rate would you need to be earned in order to accumulate a total of $1,000,000 in 35 years, by adding $6,500 annually? Suppose deposits are made at the beginning of the year. Make sure to show your work. (4 points)

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Answer:

Explanation:

Given

current balance   $66,500

total  $1,000,000 in 35 years

Annually   $6,500

Amount accumulated =

  Annually x years

= 6500 x 35

= 227,500

Difference  1,000,000 - 227,500

= 772,500

Interest rate  = 772,500 / 227,500

=3.3956

=3.4%

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