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 invest for this purpose. What annually compounded rate of interest must you earn to cover the cost of your child's college education? Multiple Choice 5.79% 5.50% 6.81% 5.61% 6.25%

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 invest for this purpose. What annually compounded rate of interest must you earn to cover the cost of your chilo's college education? Multiple Choice 5.798 5.50% 6.81% 5.61% 6.25%