You Were Left $100,000 in a Trust Fund Set Up

question 160

Multiple Choice

You were left $100,000 in a trust fund set up by your grandfather.The fund pays 6.5% interest.You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately.How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account?

• A) $24,736
• B) $26,038
• C) $27,409
• D) $28,779
• E) $30,218

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Definitions:

Subordinates

refers to individuals or groups that are lower in rank or position, often having less power or authority compared to others within a social or organizational hierarchy.

Authority

The power or right to give orders, make decisions, and enforce obedience.

Obedience

Compliance with an order, request, or law, or submission to another's authority.

Good Job

Employment that offers satisfactory compensation, security, working conditions, and opportunities for growth and fulfillment.