Multiple Choice
Betty has received an inheritance from her uncle. She would like to invest some of the inheritance to pay for her son's college. To pay for college she will need to withdraw $25,000 per year for 4 years beginning 1 year from today. How much must she invest if she can earn 5%?
A) $77,397.37
B) $20,567.50
C) $31,913.55
D) $88,648.75
Correct Answer:
Verified
Correct Answer:
Verified
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