You are to receive $20 000 from your trust fund in 6.5 years. You negotiate a deal

Question:

You are to receive $20 000 from your trust fund in 6.5 years. You negotiate a deal whereby you can withdraw $500 per month starting in 2 years, before you can withdraw the remainder of the funds. You are able to earn 3.12% compounded annually on your money. How much is your trust fund reduced to?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

Question Posted: