What Sum of Money Must Be Deposited in a Trust

question 133

Essay

What sum of money must be deposited in a trust fund to provide a scholarship of $630.00 payable at the end of each month if interest is 7.8% compounded monthly?

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Definitions:

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Bailment

A contractual arrangement in which one individual hands over physical control of personal assets to another, with the understanding that these items will be given back.

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Rights that are given priority or are considered more important compared to others within a legal context.