Carl is the beneficiary of a $26,000 trust fund set up for him by his grandparents. Under the terms of the trust, he is to receive the money over a 5-year period in equal installments at the end of each year. If the fund earns interest at the rate of 3%/year compounded annually, what amount will he receive each year? (Round your answer to the nearest cent.) $
Carl is the beneficiary of a $26,000 trust fund set up for him by his grandparents. Under the terms of the trust, he is to receive the money over a 5-year period in equal installments at the end of each year. If the fund earns interest at the rate of 3%/year compounded annually, what amount will he receive each year? (Round your answer to the nearest cent.) $
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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Carl is the beneficiary of a $26,000 trust fund set up for him by his grandparents. Under the terms of the trust, he is to receive the money over a 5-year period in equal installments at the end of each year. If the fund earns interest at the rate of 3%/year compounded annually, what amount will he receive each year? (Round your answer to the nearest cent.)
$
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