2A Q3

Part 1

Calculating Interest Rates [LO3] Solve for the unknown interest rate in each of the following:

Present Value	Years	Interest Rate	Future Value
$ 181	4		$ 297
335	18		1,080
48,000	19		185,382
40,353	25		531,618

Pt 2

Calculating Interest Rates [LO3] 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 on your investment to cover the cost of your childs college education?

please specify answers for part 1 & 2