Mrs. McPherson wants to use $10,000 from her late husband's estate to assist her grandson when he enters college in seven years. Assume the $10,000 is invested immediately at 8% compounded monthly, and the grandson will make beginning-of-month withdrawals of $500 (or less if a final withdrawal) once he starts college. When will the final withdrawal occur?

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The Answer of Mrs. McPherson wants to use $10,000 from her late husband's estate to assist her grandson when he enters college in seven years. Assume the $10,000 is invested immediately at 8% compounded monthly, and the grandson will make beginning-of-month withdrawals of $500 (or less if a final withdrawal) once he starts college. When will the final withdrawal occur?

Mrs McPherson Wants to Use $10,000 from Her Late Husband's