Question: PLEASE ANSWER STEP BY STEP AND NOT JUST ANSWER INSERTING NUMBERS IN THE FORMULA Assume the total cost of a college education will be $

PLEASE ANSWER STEP BY STEP AND NOT JUST ANSWER INSERTING NUMBERS IN THE FORMULA
Assume the total cost of a college education will be $315,000 when your child enters college in 18 years. You presently have $95,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your childs college education?
(Show the percentage rate in TWO decimal places, such as "8.62%")

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