SOLUTION: Your grandmother leaves you $500,000 trust fund. During your years in college, you are allowed to live off the interest. What is your monthly income, if the going rate is 9.25%?

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Question 419130: Your grandmother leaves you $500,000 trust fund. During your years in college, you are allowed to live off the interest. What is your monthly income, if the going rate is 9.25%?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
I = 500,000 * 0.0925*1
I=46,250
/12
$3,854.16 per month