1. Assume the total cost of a college education will be $320,000 when your child enters college in 18 years. You presently have $67,000 to invest. What annual rate of interest must you earn bn your investment to cover the cost of your child's college education? FV = PV (1 + r) r= 1 r= - 1 320,000 18 67,000 = (4.776119) 0.055556 - 1 =1.090754-1 =0.090754 =9.0754% The annual rate of interest you must earn on your investment is 9.0754%. 2. How long will it take you to quadruple your money if you can invest at 7.3% interest rate