Question

11.Kari wants to save for her kid’s college education. She expects to need $75,000 in 17 years. If she can afford to save $225 per month, what interest rate must she earn each month to be able to make her goal?

Answer 1

Step-by-step explanation:

In 17 years 204 month

1 month 225

204 months= 204*225 = $45900= P

A=75000= P+Interest

75000= 45900+Interest

Interest= 75000-45900= 21900

Interest = PTR/100

21900= 45900*17*R/100

2190000/45900*17=R

2.8=R