Implied annual interest rate on investment, Accounting Basics

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Implied annual interest rate on investment

Problem:

An investor estimates that she needs $1 million to live comfortably when she retires in 40 years. And she has $22,094 in an investment account today.

Required:

Question: What is the implied annual interest rate on her investment?

Note: Please show guided help with steps and answer.

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Accounting Basics: Implied annual interest rate on investment

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Accounting Basics: Implied annual interest rate on investment

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