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Problem 4-6 Calculating Rates of Return [LO 3] Assume the total cost of a college education will be $390,000 when your child enters college in

Problem 4-6 Calculating Rates of Return [LO 3]

Assume the total cost of a college education will be $390,000 when your child enters college in 18 years. You presently have $64,000 to invest.

Required:

What annual rate of interest must you earn on your investment to cover the cost of your child

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