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Assume the total cost of university education will be $118064 when your child enters university after 15 years. You presently have $56853 to invest. What annual interest rate must you earn on your investment to cover the cost of your child's university education? Enter two decimal places numbers (such as 1234.56) without sign and symbol. Answer: 10.91

Assume the total cost of university education will be $118064 when your child enters university after 15 years. You presently have $56853 to invest. What annual interest rate must you earn on your investment to cover the cost of your child's university education? Enter two decimal places numbers (such as 1234.56) without sign and symbol. Answer: 10.91

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the total cost of university education will be $118064 when your child enters university after 15 years. You presently have $56853 to invest. What annual interest rate must you earn on your investment to cover the cost of your child's university education? Enter two decimal places numbers (such as 1234.56) without sign and symbol. Answer: 10.91
Transcribed Image Text:Assume the total cost of university education will be $118064 when your child enters university after 15 years. You presently have $56853 to invest. What annual interest rate must you earn on your investment to cover the cost of your child's university education? Enter two decimal places numbers (such as 1234.56) without sign and symbol. Answer: 10.91
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