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Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ $0.00 Round to the nearest cent

Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ $0.00 Round to the nearest cent

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 10E
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please help me get the correct answer for this question. please make sure its the right answer asap please.

Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ $0.00 Round to the nearest cent
Transcribed Image Text:Jacqueline invested the profit of her business in an investment fund that was earning 2.50% compounded monthly. She began withdrawing $2,000 from this fund every 6 months, with the first withdrawal in 5 years. If the money in the fund lasted for the next 6 years, how much money did she initially invest in the fund? $ $0.00 Round to the nearest cent
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