You Receive an Inheritance of $A

question 19

Multiple Choice

You receive an inheritance of $A.You invest this money in a fund that pays j₂ = 10%.You wish to make 10 semi-annual withdrawals from this fund,first withdrawal being made today.The first withdrawal is $2000 and each subsequent withdrawal increases by $100.What is A? (Answer to nearest dollar. )

• A)$21,381
• B)$19,539
• C)$18,828
• D)$18,609

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