What annual interest rate did your parents earn on the money

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Reference no: EM131836537

To complete your last year in business school and then go through law school, you will need to withdraw $5,400 per quarter starting today. You anticipate that you will need to make these withdrawals for 20 total quarters (including todays withdrawal) and that you will be able to earn 4% annual interest on any money in your account between now and graduation from law school. When you graduate from law school, you will be debt free- but you will also have used all of your savings. Fortunately, your parents were prudent in saving for your education, they put $500 a month at the end of each month into a savings account for the last 10 years. What annual interest rate did your parents earn on the money they put into your savings account to allow all this to occur?

Reference no: EM131836537

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