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Yumi's grandparents presented her with a gift of $ 2 2 , 0 0 0 when she was 1 2 years old to be used
Yumi's grandparents presented her with a gift of $ when she was years old to be used for her college education. Over the next years, until she turned Yumi's parents had invested her money in a taxfree account that had yielded interest at the rate of year compounded monthly. Upon turning Yumi now plans to withdraw her funds in equal annual installments over the next years, starting at age If the college fund is expected to earn interest at the rate of year, compounded annually, what will be the size of each installment? Assume no interest is accrued from the point she turns until she makes the first withdrawal. Round your answer to the nearest cent. $
Yumi's grandparents presented her with a gift of $ when she was years old to be used for her college education. Over the next years, until she turned Yumi's parents had invested her money in a taxfree account that had yielded interest at the rate of year compounded monthly. Upon turning Yumi now plans to withdraw her funds in equal annual installments over the next years, starting at age If the college fund is expected to earn interest at the rate of year, compounded annually, what will be the size of each installment? Assume no interest is accrued from the point she turns until she makes the first withdrawal. Round your answer to the nearest cent.
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