Assume that you work as a personal financial advisor in a local bank, and your elient is exactly 10 years later, attend college. Her child is now 8 years old and will study in college in much monthly saving you ring $100,000 in one time. Given that annual interest rate is 6%, hove saving your client needs to make in order to accumulate to $100,000 in 10 years? If she is only able to save $580 per month, what is her required annual interest rate to achieve her goal?

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To calculate how much your client needs to save to accumulate 100000 in 10 years with an annual inte... View the full answer