Distribute most of her considerable wealth

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An elderly lady decided to distribute most of her considerable wealth to charity and to keep for herself only enough money to provide for her living. She feels that $1000 a month will amply provide for her needs. She will establish a trust fund at a bank that pays 6% interest, compounded monthly. At the end of each month she will withdraw $1000. She has arranged that, upon her death, the balance in the account is to be paid to her niece, Susan. If she opens the trust fund and deposits enough money to pay herself $1000 a month in interest as long as she lives, how much will Susan receive when her aunt dies?

Reference no: EM131807161

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