Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

assume the cost of a college education would be to 325,000 when your child enters college 17 years. You presently have $51,000 to

Sagot :

Answer:

11.51 %

Explanation:

The computation of the interest rate is shown below:

As we know that

Amount = P (1 + rate)^number of years  

$325,000 = $51,000 (1+r)^17

(1+r)^17 = $325,000 ÷ $51,000

(1+r)^17 = 6.372549

(1+r) = (6.372549)^1 ÷ 17

1 + r = 1.115097

r = 1.115097 - 1

r = 0.115097

= 11.51 %