Wygant Corporation borrowed $290,000 on October 1 last year. The note carried a 12% interest rate with the principal and interest payable on May 1 this year. Prepare the journal entry to record the following descriptions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Assume the total cost of a college education will be $250,000 when your child enters college in 17 years. you presently have $69,000 to invest. what annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)