Assume the Total Cost of a College Education Will Be

question 66

Multiple Choice

Assume the total cost of a college education will be $285,000 when your child enters college in 22 years.You presently have $35,000 to invest.What annual rate of interest must you earn on your investment to cover the cost of your child's college education?

• A)8.65 percent
• B)9.40 percent
• C)10.00 percent
• D)10.60 percent
• E)11.00 percent

---

Definitions:

Collectivistic Cultures

Cultures that emphasize the needs and goals of the group over the individual.

Interdependent Self-construal

A concept of self that is fundamentally connected to and defined by relationships with others, emphasizing social context and interactions.

Analytical Cognition

A cognitive style characterized by logical reasoning, systematic analysis, and a focus on objective evaluation of information.

Homogenous

Consisting of parts or elements that are all the same or similar in nature.