Mr. Smith just invested $20,000 for his 7 year old son. The money will be used for the son’s education in 10 years, which he estimates will cost $70,000. What rate of return will Mr. Smith need, in order to meet this goal?
Between 12% and 13%
Between 13% and 14%
Between 14% and 15%
Between 15% and 16%
Mr. Smith just invested $20,000 for his 7 year old son
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