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Steve and Ed are cousins who were both born on the same day, and both turned 25 today. Their grandfather began putting $2.,3oo per year

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Steve and Ed are cousins who were both born on the same day, and both turned 25 today. Their grandfather began putting $2.,3oo per year into a trust fund for Steve on his z2oth birthday, and he just made a 6th payment into the fund. The grandfather (or his estate's trustee) will make 4o more $2.300 payments until a 46th and final Stevwe's 6sth birthday. The gandfather set things up this way bcause he wants Steve to work, not be a "trust fund baby," but he also wants to ensurethat Steve is provided for in hi old age. Until now, the grandfather has been disappointed with Ed, henoe has not given him anything, However, they moently reconciled, and the grandather decided to make an equivalen provision for Ed. He will make the first payment to a trast for Ed today, and he has instructed his truste to make 4o additional equal annual payments until Ed turns 6s, when the 41st an final payment will be made. 1f both trusts earn an annual return of 8% how moch must the grandfather put into Ed's trist today and each subsequent year to enable him to have the same retirement nest egg as Steve after the last payment is made on their 65th birthday? O a $2,639 O b. $2,673 O c $3,428 O d. $3,350 O e $3,565

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