Assume the total cost of a college education in Singapore will be SGD 250,000 when your child enters college in 18 years. You presently have SGD 43,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education?

Assume the total cost of a college education in Singapore will be SGD 250,000 when your child enters college in 18 years. You presently have SGD 43,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 3DTM

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Question

Assume the total cost of a college
education in Singapore will be SGD
250,000 when your child enters college in
18 years. You presently have SGD 43,000
to invest. What annual rate of interest must
you earn on your investment to cover the
cost of your child's college education?
ÖÖ 11:04 /

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