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Problem 5-6 Calculating Interest Rates [LO3] Assume the total cost of a college education will be $300,000 when your child enters college in 18 years.
Problem 5-6 Calculating Interest Rates [LO3]
Assume the total cost of a college education will be $300,000 when your child enters college in 18 years. You presently have $74,000 to invest. |
What annual rate of interest must you earn on your investment to cover the cost of your childs college education? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
Annual rate of interest | % |
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