Starting six months after her grandson Robin's birth, Mrs. Devine made deposits of $220 into a trust fund every six months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each six months for three years, beginning six months after the last deposit. If interest is 4.15% compounded semi-annually, how much will Robin receive every six months? Robin will receive $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Starting six months after her grandson Robin's birth, Mrs. Devine made deposits of $220 into a trust fund every six months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each six months for three years, beginning six months after the last deposit. If interest is 4.15% compounded semi-annually, how much will Robin receive every six months? Robin will receive $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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