On January 2, 2016, Christopher inherited a trust fund that he could use for college tuition. Christopher hopes to make six equal withdrawals of $40,000 each year for the next six years from
the fund that will earn 8% compounded annually. The first withdrawal will be made on January 2, 2017. How much does he need to have invested in the fund on January 2, 2016, to be able to
withdraw the needed amounts each year?
a. $151,631
b. $180,000
c. $184,915
d. $168,624