A loving grandmother decides to fund a trust for her 8 year old granddaughter.The trust will makes
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Question:
A loving grandmother decides to fund a trust for her 8 year old granddaughter.The trust will makes it first payment in exactly 10 years.She would like to set up the trust to make exactly 20 payments to the granddaughter.The trust will earn a 4% APR.The grandmother is able to fund the trust today with $100,000.How much money will her granddaughter be able to withdraw from the fund each year over the 20 year period?
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