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Finding the Interest Rate in Excel

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Your parents will retire in 15 years. They currently have $ 230,000, and they think they will need $ 1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?

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Solution Summary

Solution depicts the steps to calculate the interest rate in the given case. Calculations are carried out with the help of suitable built in functions in MS Excel.

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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