You have been told that you need $15,000 today for every $50,000 you want when you retire 30 years from now.What rate of interest was used in the present value computation? Assume interest is compounded annually.
A)4.09 percent
B)4.15 percent
C)4.37 percent
D)4.29 percent
E)4.53 percent

Question

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The present value of $15,000 to be received 30 years from now is $50,000. The rate of interest used in the present value computation is 4.09 percent.

You Have Been Told That You Need $15,000 Today for Every