## Math Problem Statement

Derek can deposit $11,951.00 on each birthday beginning with his 27.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,830,722.00 in it when he retires?

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Future Value of an Annuity

Compound Interest

Algebra

### Formulas

Future Value of Annuity: FV = P * ((1 + r)^n - 1) / r

### Theorems

Future Value of an Annuity Formula

### Suitable Grade Level

College level or advanced high school (Grades 11-12)

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