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Solve for the unknown number of years in each of the following: (Do not round intermediate calculations and round your answers to 2 decimal places,

Solve for the unknown number of years in each of the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Present Value Years Interest Rate Future Value
$ 850 11 % $ 1,705
2,541 9 4,300
34,005 14 393,120
33,700 21 216,356

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Assume the total cost of a college education will be $360,000 when your child enters college in 15 years. You presently have $58,000 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 and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual rate %

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