You have been told that you need $32,000 today for each $100,000 you want when you retire 28 years from now. What rate of interest was used in the present value computation? Assume interest is compounded annually

a. 4.15%
b. 4.37%
c. 4.29%
d. 4.53%
e. 4.58%

Ans: a. 4.15%

Business

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