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The trustees of a college have accepted a gift of $500000, but are required to deposit it in an account a. The amount of each
The trustees of a college have accepted a gift of $500000, but are required to deposit it in an account a. The amount of each withdrawal is $80517.97 paying 12% per year, compounded semiannually. They may make equal withdrawals at the end of (Round your answer to the nearest cent.) each six-month period, but the money must last 4 years. a. Find the amount of each withdrawal. b. If the money must last 5 years, the amount of each withdrawal is $ b. Find the amount of each withdrawal if the money must last 5 years. (Round your answer to the nearest cent.)
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