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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?

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    https://brainmass.com/business/finance/rate-achieve-goals-23963

    Solution Preview

    The principal is the amount Tom Phillips currently has which is ...

    Solution Summary

    The solution determines the rate needed to achieve goals.

    $2.49

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