Shauna wishes to establish a trust fund from which her son can withdraw $$50,000$ every six months for $18$ years, when he reaches $30$ years old. After $8$ years, he will receive $$500,000$ for college. The trust will be invested at $8\mathrm{.}7\%$ per annum compounded semi$-$annually. How large should the trust be$?$

Question $6$Answer

a$.$

$$703,207\mathrm{.}85$

b$.$

$$901,253\mathrm{.}49$

c$.$

$$1,154,236\mathrm{.}15$

d$.$

$$301,308\mathrm{.}71$