Sagheer is setting up a fund to help his grandson's university education. He wants his grandson to be able to withdraw $3000 every 3 months for 3 years after he starts university. His first withdrawal will be 5
years from now. If the fund can earn 7.2% compounded quarterly, what single amount contributed today will provide for the withdrawal?
A) $32 119
B) $22 083
C) $52 077
D) $42 041
E) $36 000
Correct Answer:
Verified
Q142: Leons has a promotion on a refrigerator
Q144: Sam got a job at the Brick.
Q146: When Nancy died, she left $20 000
Q147: Basim purchased a deferred annuity from an
Q148: At the age of 75, Mrs. Walker
Q149: Jeff is retired and has an investment
Q152: Olivia plans to have $1 000 000
Q154: OPG has set up a fund to
Q159: Sam got a job at the Brick.
Q160: National Research Council is considering the establishment
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents