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What will be the size of each installment

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Reference no: EM131556717

Question: FINANCING COLLEGE EXPENSES Yumi's grandparents presented her with a gift of $20,000 when she was 10 yr old to be used for her college education. Over the next 7 yr, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 5.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 yr, starting at age 18. If the college fund is expected to earn interest at the rate of 6%/year, compounded annually, what will be the size of each installment?

Reference no: EM131556717

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