It is your 6th birthday today. You have a trust fund with $50,000 that

It is your 6th birthday today. You have a trust fund with $50,000 that is earning 8% per year. You
expect to withdraw $30,000 per year for 7 years starting on your 22nd birthday for graduate school.

How much money will be left in the trust fund after your last withdrawal (rounded to the nearest
$10)?
A) $4,140
B) $125,660
C) $35,780
D) You will not have enough money to pay for graduate school.

ANSWER

A