Assume the total cost of a college education will be $245,000 when your child enters college in 15 years. You presently have $108,000 to this purpose. What annually compounded rate of interest must you earn to cover the cost of your child's college education? Multiple Choice O O O 5.50% 5.79% 5.61% 6.25% 6.81%

Assume the total cost of a college education will be $245,000 when your chlid enters coliege in 15 years. You presently have $108,000 to this purpose. What annually compounded rate of interest must you earn to cover the cost of your child's college education? Multiple Choice 5.50% 5.79% 5.61% 6.25% 6.81%