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You have just become a grandparent! The day your granddaughter is born, you place $10,000 into a trust fund to help her pay future college
You have just become a grandparent! The day your granddaughter is born, you place $10,000 into a trust fund to help her pay future college expenses. She will not be able to touch this money until she turns 18. Each year, money in the trust fund earns 2.5% interest. On her 18th, 19th, 20th, and 21st birthdays, she will withdraw equal amounts. After the final withdrawal, the trust fund will be empty. How much does she get each birthday?
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