Carl is the beneficiary of a $24,000 trust fund set up for him by his granparents. Under the terms of the trust, he is to receive the money over the a 6-year period in equal installments at the end of each year. If the fund earns interest at the rate of 6%/year compounded annually, what amount will he receive each year? Round your answer to two decimal places.
A) $2,987.19
B) $6,604.59
C) $3,152.42
D) $6,600.90
E) $4,880.70

Question

Carl is the beneficiary of a $24,000 trust fund set up for him by his granparents. Under the terms of the trust, he is to receive the money over the a 6-year period in equal installments at the end of each year. If the fund earns interest at the rate of 6%/year compounded annually, what amount will he receive each year? Round your answer to two decimal places. ​
A) $2,987.19
B) $6,604.59
C) $3,152.42
D) $6,600.90
E) $4,880.70

Quizplus · Accepted Answer

The Answer of Carl is the beneficiary of a $24,000 trust fund set up for him by his granparents. Under the terms of the trust, he is to receive the money over the a 6-year period in equal installments at the end of each year. If the fund earns interest at the rate of 6%/year compounded annually, what amount will he receive each year? Round your answer to two decimal places. ​
A) $2,987.19
B) $6,604.59
C) $3,152.42
D) $6,600.90
E) $4,880.70

Carl Is the Beneficiary of a $24,000 Trust Fund Set