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Question
Your son is born today and you want to make him a millionaire by the time he is 50 years old. You deposit $10,700 in an investment account and want to know what annual interest rate must you earn in order to have the account value equal to $1,000,000 on your son's 50th birthday.A) 17.8%
B) 12.4%
C) 9.5%
D) 6.2%
Answer
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