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3 Assume the total cost of a college education will be $325,000 when your child enters college in 18 years. You presently have $85,000 to
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| Assume the total cost of a college education will be $325,000 when your child enters college in 18 years. You presently have $85,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your childs college education? SHOW WORK AND FORMULAS EXACTLY HOW YOU WOULD TYPE IT IN EXCEL | |||||
| Input area: | |||||
| Future value | $325,000 | ||||
| Years | 18 | ||||
| Present value | $85,000 | ||||
| (Use cells A6 to B8 from the given information to complete this question.) | |||||
| Interest rate |
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