A $450,000 Trust Fund Earns 8% Compounded Semi-Annually

question 68

Multiple Choice

A $450,000 trust fund earns 8% compounded semi-annually. It is to make perpetual payments at the end of every month. What will be the size of the monthly payments?

• A) $3,000
• B) $1,800
• C) $1,955
• D) $2,453
• E) $2,951

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