Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I want to have $50,000 for my daughter's college in 18 years. If I can afford to put away $1500 a year, what interest rate

I want to have $50,000 for my daughter's college in 18 years. If I can afford to put away $1500 a year, what interest rate would I need to get?

FV= 50,000 PMT=-1,500 Periods= 18 years Rate= 4.86%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Quantitative Chemical Analysis

Authors: Daniel C. Harris

8th edition

1429218150, 978-1429218153

Students also viewed these Law questions