John Is Planning to Go to Graduate School in a Program

question 66

Multiple Choice

John is planning to go to graduate school in a program that will take three years. John wants to have available $10,000 available each year for his school and living expenses. If he earns 6% on his investments, how much must be deposited at the start of his studies for him to withdraw $10,000 a year for three years?

• A) $10,000
• B) $18,390
• C) $26,730
• D) $29,100
• E) $30,000

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