Paul Lennon, DDS, has $35,675 to place in a retirement account today. He plans to add $740...

Paul Lennon, DDS, has $35,675 to place in a retirement account today. He plans to add $740 a month to the account until he retires in 18 years. He'd like to have $450,000 when retires. The rate Dr. Lennon needs to earn to reach his goals is closest to:
A. 7.10%.
B. 14.33%.
C. 27.35%.

Expert Solution

jeff jeffy answered 2 years ago

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