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Your grandmother just died and left you $ 4 7 , 5 0 0 in a trust fund that pays 6 . 5 % interest.

Your grandmother just died and left you $47,500 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?
a. $14,321.05
b. $10,415.31
c. $12,628.56
d. $9,894.54
e. $13,019.14

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