Mr Smith Has Just Invested $10,000 for His Son (Age

Multiple Choice

Mr. Smith has just invested $10,000 for his son (age 7) . The money will be used for his son's education 15 years from now. He calculates that he will need $100,000 for his son's education by the time the boy goes to school. What rate of return will Dr. Stein need to achieve this goal?

A) between 9% and 10%
B) between 16% and 17%
C) between 10% and 11%
D) between 15% and 16%