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Your grandmother just died and left you $100,000 in a trust fund that pays 7.5% interest, compounded quarterly. You must spend the money on your
Your grandmother just died and left you $100,000 in a trust fund that pays 7.5% interest, compounded quarterly. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account? Choose the closest answer.
$24,736 | ||
$26,038 | ||
$27,409 | ||
$28,779 | ||
$27,851 |
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