Reference no: EM131928395
Question: 1. Assume the total cost of a college education will be $112058 when your child enters college in 17 years. You presently have $33561 to invest.
What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)
2. At 6.1 percent interest, how many years does it take to double your money? (Round your answer to 2 decimal places. For example, 12.3456 should be entered as 12.35.)
3. Assume that in January 2014, the average house price in a particular area was $274482. In January 2008, the average price was $218864.
What was the annual percentage increase in selling price? (Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)
4. Your coin collection contains 54 silver dollars minted in 1940. If your grandparents purchased them for their face value when the year they were minted, how much will your collection be worth when you retire in 2071, assuming they appreciate at a 7.1 percent annual rate? (Round time value factors to 6 decimal places and final answer to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign and commas in your response. For example, $123,456 should be entered as 123456.)
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What annual rate of interest must you earn
: What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Enter your answer as a percentage).
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