Six year old Jerry's grandmother is going to invest $18,000 now to pay for the first two years of Jerry's college education. She plans to provide him with two equal payments. The first will be in 11 years and the second will be in 12 years. If the investment earns 9% compounded semi-annually what will be the size of the two payments?
A) $13,765.75
B) $15,749.62
C) $18,499.77
D) $22,259.16
E) $24,745.52
Correct Answer:
Verified
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