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What is the discount rate in the following scenario? You plan on retiring in 40…

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Wize University Introduction to Finance Textbook > Time Value of Money

Effective Periodic Rate

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What is the discount rate in the following scenario?

You plan on retiring in 40 years and would like to save enough money so that you can pay yourself one million dollars per year upon retiring. Your retirement account is expected to earn 9% compounded quarterly.

Round your final answer to 4 decimal places
%
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