For Her Daughter's University Education, Carla Hackl Has Invested an Inheritance

For her daughter's university education, Carla Hackl has invested an inheritance in a fund paying 9.2% compounded quarterly. If ordinary annuity payments of $4750.00 per month are to be made out of the fund for 5 years and the annuity begins 7.75 years from now, how much was the inheritance?

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PMT = 4750, i = 0.092 ÷ 4 = 0.023, n = 5...

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