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Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ...

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Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ...

Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement savings account paying him a long-term interest of 9% compounded monthly until retirement. The rate changes following the retirement. He wants $7000 per month paid to him at the start of the month for 20 years after the retirement. At what rate should his savings account pay him to fulfill his dream? (Use the Rate function in Excel)
A) 9%
B) 10%
C) 6.22%
D) 10.27%
E) 0%

Textbook

Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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Zuke

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