Cover the cost of your child college education, Accounting Basics

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Cover the cost of your child college education

Problem:

Assume the total cost of a college education will be $200,000 when your child enters college in 16 years. You presently have $61,000 to invest.

Required:

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

Note: Explain in detail.

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Accounting Basics: Cover the cost of your child college education

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Accounting Basics: Cover the cost of your child college education

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