Assume the total cost of a university education will be €290,000 when your child enters college in 18 years. You presently have €40,000 to invest. Required: What annual rate of interest must you earn on your investment to cover the cost of your child’s university education? (Round your answer to 2 decimal places (e.g., 32.16).) Annual rate of interest
Assume the total cost of a university education will be €290,000 when your child enters college in 18 years. You presently have €40,000 to invest. Required: What annual rate of interest must you earn on your investment to cover the cost of your child’s university education? (Round your answer to 2 decimal places (e.g., 32.16).) Annual rate of interest
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Assume the total cost of a university education will be €290,000 when your child enters college in 18 years. You presently have €40,000 to invest. |
Required: | |
What annual rate of interest must you earn on your investment to cover the cost of your child’s university education? (Round your answer to 2 decimal places (e.g., 32.16).) | |
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Annual rate of interest | % |
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