Ruth H. wants to build a house in 12 years. She estimates that the total cost will be $350,000. If she can put aside $20,000 at the end of each year, what rate of return must she earn in order to have the amount needed, assuming annual compounding?
A) between 11% and 12%
B) between 8% and 9%
C) 17%
D) 6.63%

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The Answer of Ruth H. wants to build a house in 12 years. She estimates that the total cost will be $350,000. If she can put aside $20,000 at the end of each year, what rate of return must she earn in order to have the amount needed, assuming annual compounding?
A) between 11% and 12%
B) between 8% and 9%
C) 17%
D) 6.63%

Ruth H Wants to Build a House in 12 Years