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The trustees of a college have accepted a gift of $125000, but are required to deposit it in an account paying 6% per ye
Posted: Wed Jul 06, 2022 11:54 am
by answerhappygod
- The Trustees Of A College Have Accepted A Gift Of 125000 But Are Required To Deposit It In An Account Paying 6 Per Ye 1 (17.29 KiB) Viewed 11 times
The trustees of a college have accepted a gift of $125000, but are required to deposit it in an account paying 6% per year, compounded semiannually. They may make equal withdrawals at the end of each six-month period, but the money must last 6 years. a. Find the amount of each withdrawal b. Find the amount of each withdrawal if the money must last 9 years. 0 a. The amount of each withdrawal is S (Round your answer to the nearest cent.) b. If the money must last 9 years, the amount of each withdrawal is S (Round your answer to the nearest cent.)