You plan to deposit 1000 into a savings account at the end, Finance Basics

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You plan to deposit 1000 into a savings account at the end

Question: You plan to deposit $1.000 into a savings account at the end of every month for the next 25 years at which time you intend to retire with $1.000000 in the savings account. The savings account compounds interest monthly. What annual interest rate should the savings account earn in order to achieve your retirement goal? (Round to the closest number.)

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Finance Basics: You plan to deposit 1000 into a savings account at the end

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