Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 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 |
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
Accountancy Financial Accounting Part 1 Textbook For Class 11
Authors: NCERT
1st Edition
978-8174505071
