Jorge needed money for some unexpected expenses, so he borrowed
$2,539.36 from a friend and agreed to repay the loan in three equal
installments of $950 at the end of each year. The agreement is
offering an implied interest rate of ____.
Jorge’s friend, Rafael, has hired a financial planner for advice on retirement. Considering Rafael’s current expenses and expected future lifestyle changes, the financial planner has stated that once Rafael crosses a threshold of $3,061,070 in savings, he will have enough money for retirement. Rafael has nothing saved for his retirement yet, so he plans to start depositing $85,000 in a retirement fund at a fixed rate of 6.00% at the end of each year. It will take____years for Rafael to reach his retirement goal.
Jorge’s friend, Rafael, has hired a financial planner for advice on retirement. Considering Rafael’s current expenses and expected future lifestyle changes, the financial planner has stated that once Rafael crosses a threshold of $3,061,070 in savings, he will have enough money for retirement. Rafael has nothing saved for his retirement yet, so he plans to start depositing $85,000 in a retirement fund at a fixed rate of 6.00% at the end of each year. It will take____years for Rafael to reach his retirement goal.
