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#8. You estimate that you will need about $80,000 to send your child to college in 8 years. You currently have about $35,000 to invest

#8. You estimate that you will need about $80,000 to send your child to college in 8 years. You currently have about $35,000 to invest now. If you can earn 20% per year. (Show your work)

a. Calculate the future value of your initial investment?

b. At what interest rate will you reach your goal? (Use appendix A to estimate the rate of interest. (Hint: recall how we calculated the yield)

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