Martin Wants to Provide Money in His Will for an Annual

question 18

Multiple Choice

Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest.That bequest will provide $1000 in the first year,and will grow by 7% per year,forever.If the interest rate is 11%,how much must Martin provide to fund this bequest?

• A)$9090.91
• B)$14,285.71
• C)$25,000.00
• D)$36,687.45
• E)$5555.56

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