How Much Must Be Invested Today to Make Four Annual

question 61

Multiple Choice

How much must be invested today to make four annual withdrawals of $20,000 each for tuition payments if you can earn 8% compounded annually on your investment and the first withdrawal will take place in one year? (Round to the nearest whole dollar)

• A) $66,243
• B) $51,242
• C) $79,854
• D) $47,393
• E) $57,341

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