Your grandmother just died and left you $47,500 in a trust fund that pays 6.5% interest....

Transcribed Image Text:

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? $14,321.05 $10,415.31 $12,628.56 $9,894.54 $13,019.14 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? $14,321.05 $10,415.31 $12,628.56 $9,894.54 $13,019.14