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Ray estimates that it will cost $400,000 to send his daughter to a private college in 18 years. He currently has $90,000 to deposit in an account. What simple interest rate must his account have to reach
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Ray estimates that it will cost $400,000 to send his daughter to a private college in 18 years. He currently has $90,000 to deposit in an account. What simple interest rate must his account have to reach a balance of $400,000 in 18 years?

User Rotem Jackoby
by
7.5k points

1 Answer

11 votes

Answer:

the interest rate must be 5.585%

Explanation:

User Yurloc
by
6.5k points
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