Tom Phillips has just invested $8,760 for his son (age one). This money will be used for

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Tom Phillips has just invested $8,760 for his son (age one). This money will be used for his son’s education 17 years from now. He calculates that he will need

$60,000 by the time the boy goes to school. What rate of return will Mr. Phillips need in order to achieve this goal?

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Foundations Of Financial Management

ISBN: 9780073295817

12th Edition

Authors: Stanley B Block, Geoffrey A Hirt

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