document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=755470>Question 755470</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Yumi's grandparents presented her with a gift of $14,000 when she was 11 yr old to be used for her college education. Over the next 6 yr, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 4.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 yr, starting at age 18. If the college fund is expected to earn interest at the rate of 8%/year, compounded annually, what will be the size of each installment? (Round your answer to the nearest cent.) <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #459678 by </B><A HREF=/tutors/aboutme.mpl?userid=reviewermath><B>reviewermath(1029)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=reviewermath><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=reviewermath><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=459678\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Q:<BR>\n" );
document.write( "Yumi's grandparents presented her with a gift of $14,000 when she was 11 yr old to be used for her college education. Over the next 6 yr, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 4.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 yr, starting at age 18. If the college fund is expected to earn interest at the rate of 8%/year, compounded annually, what will be the size of each installment? (Round your answer to the nearest cent.) <BR>\n" );
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document.write( "A:<BR>\n" );
document.write( "size of each installment = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=14000%2A%281+%2B+0.045%2F12%29%5E%2812%2A6%29%2F%28%281+-+1%2F1.08%5E4%29%2F0.08%29 ALIGN=MIDDLE  ALT=\"14000%2A%281+%2B+0.045%2F12%29%5E%2812%2A6%29%2F%28%281+-+1%2F1.08%5E4%29%2F0.08%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = $<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=highlight%285534.28%29 ALIGN=MIDDLE  ALT=\"highlight%285534.28%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > </SPAN>\n" );
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