Assume the total cost of a college education will be $380,000 when your child enters college in 16 years. You presently have $62,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's 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

Assume the total cost of a college education will be $380,000 when your child enters college in 16 years. You presently have $62,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 7CE

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Question

Assume the total cost of a college education will be $380,000 when your child enters
college in 16 years. You presently have $62,000 to invest.
What annual rate of interest must you earn on your investment to cover the cost of your
child's 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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