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10 September, 15:21

The academy for academic excellence has just announced their winner for the most successful student in mathematics. this student will receive a grant for their college education as well as national recognition for academic excellence in the field of mathematics. the grant will cover $12,177.17 of the cost of school per year for 5 years. if the initial amount is invested into an account over the five years, paying an annual interest rate of 5.5%, and you are to withdraw from this account until the remaining balance after the 5 years is zero dollars, determine the initial amount of the grant. round your answer to the nearest dollar.

a. $52,000

c. $60,886

b. $55,200

d. $64,235

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Answers (1)
  1. 10 September, 15:32
    0
    52000 is the right answer or a
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