Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. Assume the total cost of a college education will be $112058 when your child enters college in 17 years. You presently have $33561 to

6.

Assume the total cost of a college education will be $112058 when your child enters college in 17 years. You presently have $33561 to invest.

What annual rate of interest must you earn on your investment to cover the cost of your childs college education? (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

7.

At 6.1 percent interest, how many years does it take to double your money? (Round your answer to 2 decimal places. For example, 12.3456 should be entered as 12.35.)

8.

Assume that in January 2014, the average house price in a particular area was $274482. In January 2008, the average price was $218864.

What was the annual percentage increase in selling price? (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

10

Your coin collection contains 54 silver dollars minted in 1940. If your grandparents purchased them for their face value when the year they were minted, how much will your collection be worth when you retire in 2071, assuming they appreciate at a 7.1 percent annual rate? (Round time value factors to 6 decimal places and final answer to the nearest dollar amount. Omit the "$" sign and commas in your response. For example, $123,456 should be entered as 123456.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Intelligence For HR Professionals

Authors: Karen Berman, Joe Knight, John Case

1st Edition

1422119130, 978-1422119136

More Books

Students also viewed these Finance questions