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Your grandmother just died and left you $132,500 in a trust fund that pays 6.5% interest. You must spend the money on your college education,
Your grandmother just died and left you $132,500 in a trust fund that pays 6.5% interest. 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?
$37,769.20 | ||
$39,221.86 | ||
$37,406.03 | ||
$33,774.38 | ||
$36,316.54 |
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