Jose wants to save for his daughters wedding. Since his daughter is 10 years old, he expects to save for 13 years for a wedding after she finishes college. If he expects the wedding to cost $60,000, and he plans to invest $18,000 in an account that compounds weekly, what interest rate must he look for to reach his goal?
A) 8.25%
B) 10.5%
C) 9.3%
D) 7.8%

Question

Quizplus · Accepted Answer

The Answer of Jose wants to save for his daughters wedding. Since his daughter is 10 years old, he expects to save for 13 years for a wedding after she finishes college. If he expects the wedding to cost $60,000, and he plans to invest $18,000 in an account that compounds weekly, what interest rate must he look for to reach his goal?
A) 8.25%
B) 10.5%
C) 9.3%
D) 7.8%

Jose Wants to Save for His Daughters Wedding