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The trustees of a college have accepted a gift of $225000, but are required to deposit it in an account paying 12% per y
Posted: Thu May 12, 2022 1:01 pm
by answerhappygod
- The Trustees Of A College Have Accepted A Gift Of 225000 But Are Required To Deposit It In An Account Paying 12 Per Y 1 (20.24 KiB) Viewed 25 times
The trustees of a college have accepted a gift of $225000, but are required to deposit it in an account paying 12% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 4 years. a. Find the amount of each withdrawal. b. Find the amount of each withdrawal if the money must last 6 years a. The amount of each withdrawal is $. (Round your answer to the nearest cent) b. If the money must last 6 years, the amount of each withdrawal is $ (Round your answer to the nearest cent.)