What rate of return must earn to achieve goal


Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. In an attempt to reach this goal, you decide to save $25 a day, every day until you turn 40. You open an investment account and deposit your first $25 today. What rate of return must you earn to achieve your goal?

A. 15.07%

B. 15.13%

C. 15.17%

D. 15.20%

E. 15.24%

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Finance Basics: What rate of return must earn to achieve goal
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