A trust fund of $55,000 is invested at 8.4% compounded monthly. It is to be left to accumulate interest for five years after which it is to support, in perpetuity, equal payments to be made at the end of every month. What will be the size of the payments?
A) $385
B) $585
C) $741
D) $916
E) $1,126
Correct Answer:
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