Multiple Choice
Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $880,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half year for the next 4 years if the fund earns an annual rate of 7.6%, compounded semiannually? Round your answer to the nearest cent.
A) $232,456.25
B) $32,216.74
C) $32,298.52
D) $33,933.05
E) $124,881.72
Correct Answer:
Verified
Correct Answer:
Verified
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