You just inherited a trust fund worth $188,398.62 from your long-lost uncle. The trust fund will pay you regular monthly payments for 40.0 years (480.0 months). If the annual interest rate on the trust fund is 12% (monthly periodic rate is 1%), then how much money will you receive each month? Round intermediate steps to 6 decimal places.
Added by Marcos D.
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The annual interest rate is 12%, so the monthly periodic rate is 1% (12% divided by 12 months). Show more…
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