How much was the inheritance, Accounting Basics

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How much was the inheritance

Problem

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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Accounting Basics: How much was the inheritance

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Accounting Basics: How much was the inheritance

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