Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the total cost of a college education will be $ 2 0 0 , 0 0 0 when your child enters college in 1

Assume the total cost of a college education will be $200,000 when your child enters college in 16 years. You presently have $67,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.)
Annual rate of interest
image text in transcribed

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Finance questions

Question

i need 5 6 4 . .

Answered: 1 week ago

Question

Design a health and safety policy.

Answered: 1 week ago