Assume the totol cost of a college educotion will be $200,000 when your child enters college in 16 years. You presently have $55,000 to Invest. What onnual rote of Interest must you earn on your investment to cover the cost of child's college education? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 dacimal places, a.g., 32.16.) your Annual rate of interest

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
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Assume the totol cost of a college educotion will be $200,000 when your child enters
college in 16 years. You presently have $55,000 to Invest.
What annualrote of Interest must you earn on your Investment to cover the cost of your
child's college education? (Do not round Intermediate calculations. Enter your answer
ac o percent rounded to 2 decimal places, e.g., 32.16.)
Annual rate of interest
Transcribed Image Text:Soved Assume the totol cost of a college educotion will be $200,000 when your child enters college in 16 years. You presently have $55,000 to Invest. What annualrote of Interest must you earn on your Investment to cover the cost of your child's college education? (Do not round Intermediate calculations. Enter your answer ac o percent rounded to 2 decimal places, e.g., 32.16.) Annual rate of interest
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