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The trustees of a college have accepted a gift of $425000, but are required to deposit it in an account paying 8% per year, compounded
The trustees of a college have accepted a gift of $425000, but are required to deposit it in an account paying 8% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 8 years. a. Find the amount of each withdrawal. b. Find the amount of each withdrawal if the money must last 10 years. a. The amount of each withdrawal is $ (Round your answer to the nearest cent.) b. If the money must last 10 years, the amount of each withdrawal is s (Round your answer to the nearest cent.)
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