Cole Needs $378,000 in His Retirement Account to Generate a Retirement

Multiple Choice

Cole needs $378,000 in his retirement account to generate a retirement income of $1,890 per month when he retires in 35 years. He has $35,000 to invest today. What simple interest rate does he need to achieve his target of $378,000?

A) $6 \%$
B) $31 \%$
C) $28 \%$
D) $26 \%$
E) $1.9 \%$