Compute annual rate of interest, Finance Basics

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Compute annual rate of interest

Question:

Assume the total cost of a college education will be $200,000 when your child enters college in 16 years. You presently have $70,000 to invest.

Required:

Question: What annual rate of interest must you earn on your investment to cover the cost of your childs college education?

Note: Explain all steps comprehensively.

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Finance Basics: Compute annual rate of interest

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Finance Basics: Compute annual rate of interest

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