document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=103518>Question 103518</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please help me with this problem.\r<BR>\n" );
document.write( "\n" );
document.write( "Your parents are planning to retire in 18 years.  They currently have $250,,000, and they would like to have $1,000,000 when they retire.  What annual rate of interest would they have to earn on their $250,000 in order to reach their goal, assuming they save no more money?\r<BR>\n" );
document.write( "\n" );
document.write( "Someone please help me out, I am confused on this question.\r<BR>\n" );
document.write( "\n" );
document.write( "Thanks<BR>\n" );
document.write( "Steve </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #75283 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=75283\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Your parents are planning to retire in 18 years.  They currently have $250,,000, and they would like to have $1,000,000 when they retire.  What annual rate of interest would they have to earn on their $250,000 in order to reach their goal, assuming they save no more money?\r<BR>\n" );
document.write( "\n" );
document.write( "---------<BR>\n" );
document.write( "That depends on whether they invest the money in a compound interest account<BR>\n" );
document.write( "or in a simple interest account.<BR>\n" );
document.write( "-----------------------<BR>\n" );
document.write( "Formulas:<BR>\n" );
document.write( "simple interest: Value = P(1+rt)<BR>\n" );
document.write( "compound interest: Value = P(1+r/n)^(nt)<BR>\n" );
document.write( "===================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );