Determine rate of return on investment

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Reference no: EM1350260

Dr I.N. Stein has just invested $6,250 for his one child (age one). The money will be used for his son's education 17 years from now. He calculates that he will need $50,000 for his son's education by the time the boy goes to school. What rate of return will Dr. Stein need to achieve this goal?

Reference no: EM1350260

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