Assume the totol cost of a college educotion will be $200,000 when your child enters college in 16 years. You presently have $55,000 to Invest. What onnual rote of Interest must you earn on your investment to cover the cost of child's college education? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 dacimal places, a.g., 32.16.) your Annual rate of interest

A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $42,000 when the child reaches the age of 18? Assume the money earns 5% interest, compounded monthly. (Round your answer to two decimal places.)

Your friend already has $20,000 in an investment account. In addition to this amount, she is considering investing $5,000 at the end of year 1 with this amount growing at 6% p.a. until the end of year 5. If the interest rate earned by the investment account is expected to be 8% p.a., the total amount she will have accumulated in this account at the end of five years is closest to: Group of answer choices $29,387. $32,776. $62,162. $66,120.