Thursday, August 22, 2013

Tim, one of the long term employees at Florida Sale Away Corporation, meets with you to discuss his company retirement account

Tim, one of the long term employees at Florida Sale Away Corporation, meets with you to discuss his company retirement account. He has paid $250 per month into a 401K retirement plan. After 30 years, his plan has accumulated $500,000. He requests that you calculate for him his average annual rate of interest earned over the 30 years of participation in this plan?

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