Question
After hergrandson's Robin'sbirth, Mrs. Devine made deposits of $75 into a trust fund every threemonths until Robin was twenty-one years old. The trust fund provides
After hergrandson's Robin'sbirth, Mrs. Devine made deposits of $75 into a trust fund every threemonths until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each quarter for two years. If interest is 4.2% compounded quarterly, how much will Robin receive every threemonths?
(a) What was the value of the trust fund when Robin turned twenty-one?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
(b) How much will Robin receive every threemonths? $???
(Use part(a) to determine the payments. Round the finalr to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
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