Calculate interest rate at which you have to invest today

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You expect your newly born child to attend college in 18 years. You have $12,000 to set aside (or that purpose. You also expect that the total cost of college education to be $100,000 by that time. Calculate the interest rate at which you have to invest today to achieve your goal. How long does it take to double your money at 9 % interest rate? How long does it take to triple your money at 9% interest rate?

Reference no: EM131448238

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