Question
1.) Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73,000 to
1.) Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your childs college education?
Round your answer to 3 decimal places.
2.) Suppose you deposit $40353 today in an account, and you will get $531618 after 30 years. What is the annual compound interest?
Round your answer to 3 decimal places.
3.) Suppose you deposit $48000 today in an account, and you will get $185382 after 13 years. What is the annual compound interest?
Do not round intermediate calculations. Round your answer to 3 decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Health Care Budgeting And Financial Management
Authors: William J. Ward Jr.
2nd Edition
1440833052, 9781440833052
