Cover the cost of your child college education

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Reference no: EM131954037

1. An annuity immediate has a first payment of 200 and increases by 100 each year until payments reach 600. Afterwards, there are 5 further payments each at the end of the following years at the constant level of 600. Find the present value at annual effective rate of 5.5%.

2. Assume the total cost of a college education will be $300,000 when your child enters college in 18 years. You presently have $57,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education?

Reference no: EM131954037

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