Assume the total cost of a college education will be $365,000 when your child enters college in 18 years. You presently hae $59.000 to invest What annual rate of interest must you eam on your investment to cover the cost of your chid's colege education? (De net round intermediate calculetions and enter your answer as a percent rounded to 2 decimal pleces, eg. 32.16)
Assume the total cost of a college education will be $365,000 when your child enters college in 18 years. You presently hae $59.000 to invest What annual rate of interest must you eam on your investment to cover the cost of your chid's colege education? (De net round intermediate calculetions and enter your answer as a percent rounded to 2 decimal pleces, eg. 32.16)
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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![Assume the total cost of a college education will be $365,000 when your child enters
college in 18 years. You presently hae $59.000 to invest
What annual rate of interest must you eam on your investment to cover the cost of your
chid's colege education? (De net round intermediate calculetions and enter your
answer as a percent rounded to 2 decimal pleces, eg. 32.16)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff92f35e4-3c3b-4257-9d71-01d62730fa07%2Fa2f09d30-6b2a-4783-90e8-054166795c7b%2Fk3rp9v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume the total cost of a college education will be $365,000 when your child enters
college in 18 years. You presently hae $59.000 to invest
What annual rate of interest must you eam on your investment to cover the cost of your
chid's colege education? (De net round intermediate calculetions and enter your
answer as a percent rounded to 2 decimal pleces, eg. 32.16)
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