Assume the total cost of a college education will be $285,000 when your child enters college...
Assume the total cost of a college education will be $285,000 when your child enters college in 22 years. You presently have $35,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education?
Homework Answers
Future value = P×(1+r)^n
P is payment
r is interest rate per period
n is number of periods
$285,000 = $35,000×(1+r)^22
Interest rate, r:
= ($285,000÷$35,000)^(1÷22)-1
= 10%
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