Business, 12.02.2021 05:20, liyahheadhigh
Yumi's grandparents presented her with a gift of $18,000 when she was 12 years old to be used for her college education. Over the next 5 years, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 4.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 years, starting at age 18. If the college fund is expected to earn interest at the rate of 5%/year, compounded annually, what will be the size of each installment
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