Mr. Smith has just invested $20.000 for his son (age 7). The money will be used

for his sons education 10 years from now. He calculates that he wiIl need

$70,000 for his son's education by the time the boy goes to school. What rate of return will Mr.

Smith need to achieve this goal?

(a) Between 12% and 13%

(b) Between 13% and 14%

(c) Between 14% and 15%

(d) Between 15% and 16%