You estimate that it will take five years to complete your college education.Your parents want to invest enough money today at an interest rate of 8% compounded annually to allow you to withdraw $10,000 at the end of each year for the next five years,with nothing left at the end.The amount of money to invest today is:
A) $14,690.
B) $34,050.
C) $39,930.
D) $50,000.
E) none of thesE.
Correct Answer:
Verified
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