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Your grandmother just died and left you $40,000 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 $40,000 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?

$13,594.72

$10,415.31

$10,744.21

$8,770.79

$10,963.48

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