Wealthy parent is trying to fund trust fund

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Reference no: EM131952826

A wealthy parent is trying to fund a trust fund for his oldest son. The parent has set aside $414,200.00 today in an account that pays 7.00% annual interest. His oldest son will begin receiving the trust in 16.00 years, and the trust is set up to pay 15.00 identical annual payments. What will be the yearly withdrawal for the son from the trust? Answer Format: Currency: Round to: 2 decimal places

Reference no: EM131952826

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