7. 8. 9. Use LO3 for this: Assume the total cost of a college education will be $325,000 when your child enters college in 18 years. You presently have $85,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education? Calculating the Number of Periods (L04] At 4.3 percent interest, how long does it take to double your money? To quadruple it! Calculating Interest Rates [LO3] According to the Census Bureau, in October 2019, the average house price in the United States was $368,600. In October 2000, the average price was $197,700. What was the annual increase in the price of the average house soll? Calculating the Number of Periods [LO4] You're trying to save to buy a new $275,000 Ferrari. You have $50,000 today that can be invested at your bank. The bank pays 4.8 percent annual interest on its accounts. How long will it be before you have enough to buy the car?
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LO3 Assume the total cost of a college education will be 315 000 when your child enters college in 1View the full answer