Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $880,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half year for the next 4 years if the fund earns an annual rate of 7.6%, compounded semiannually? Round your answer to the nearest cent.
A)$232,456.25
B)$32,216.74
C)$32,298.52
D)$33,933.05
E)$124,881.72

Question

Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $880,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half year for the next 4 years if the fund earns an annual rate of 7.6%, compounded semiannually? Round your answer to the nearest cent. ​
A)$232,456.25
B)$32,216.74
C)$32,298.52
D)$33,933.05
E)$124,881.72

Quizplus · Accepted Answer

The Answer of Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $880,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half year for the next 4 years if the fund earns an annual rate of 7.6%, compounded semiannually? Round your answer to the nearest cent. ​
A)$232,456.25
B)$32,216.74
C)$32,298.52
D)$33,933.05
E)$124,881.72

Recent Sales of Some Real Estate and Record Profits Make