Assume the total cost of a college education will be $365,000 when your child enterscollege in 18 years. You presently hae $59.000 to investWhat annual rate of interest must you eam on your investment to cover the cost of yourchid's colege education? (De net round intermediate calculetions and enter youranswer as a percent rounded to 2 decimal pleces, eg. 32.16)

The future value of a cash flow is the future worth of a cash flow at a certain rate of interest and…

Answered: Assume the total cost of a college…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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