Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $95 into a trust fund every three months until Robin was twenty dash one years old. The trust fund provides for equal withdrawals at the end of each quarter for five years, beginning three months after the last deposit. If interest is 5.37% compounded quarterly, how much will Robin receive every three months?
Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $95 into a trust fund every three months until Robin was twenty dash one years old. The trust fund provides for equal withdrawals at the end of each quarter for five years, beginning three months after the last deposit. If interest is 5.37% compounded quarterly, how much will Robin receive every three months?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $95 into a trust fund every three months until Robin was twenty dash one years old. The trust fund provides for equal withdrawals at the end of each quarter for five years, beginning three months after the last deposit. If interest is 5.37% compounded quarterly, how much will Robin receive every three months?
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