Description of Need to solve the following problem
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Tom Phillips has just invested $8,760 for his son (age one). This money will be used for his son's education 17 years from now. He calculates that he will need $60,000 by the time the boy goes to school. What rate of return will Mr. Phillips need in order to achieve this goal?© BrainMass Inc. brainmass.com March 6, 2023, 1:26 pm ad1c9bdddf
The principal is the amount Tom Phillips currently has which is ...
The solution determines the rate needed to achieve goals.