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Uncle Bill dies leaving his family $20,000. They want to use the gift for $3000 yearly stipends for Jason starting at age 17 (first payment
Uncle Bill dies leaving his family $20,000. They want to use the gift for $3000 yearly stipends for Jason starting at age 17 (first payment when he reached age 17). If Jason is 10 when Uncle Bill dies and if money is earning 8% annual effective rate(compound), find the number of full stipends and the amount of final partial stipend. Le A. 24 full payments, partial payment =1035.56 Cateo 8 B. 23 full payments, partial payment = 1035.56 1000s C. 24 full payments, partial payment =2020.34 arrested D. 23 full payments, partial payment =2020.34 E. 25 full payments, partial payment = 2050
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