Tom Phillips has just invested $8,760 for his son (age one). This money will be used for
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Foundations Of Financial Management
ISBN: 9780073295817
12th Edition
Authors: Stanley B Block, Geoffrey A Hirt
Question Posted: