Answer:
We require 9.67% return per year to achieve 300,000 in the future
Explanation:
we need to solve for the rate at which a current value of 57,000 dollars will generate 300,000 dollars after 18 years:
[tex]Principal \: (1+ r)^{time} = Amount[/tex]
Principal 57,000.00
time 18.00
Amount 300,000
[tex]57000 \: (1+ r)^{18} = 300,000[/tex]
[tex]r=\sqrt[18]{300,000/57,000} -1[/tex]
r = 0.096653034
