Annuities: fund of $229000 was established to provide for equal month grants for 11 y

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[FONT=&quot]On May 9, 1996, a research fund of $229000 was established to provide for equal month grants for 11 years. What will be the size of each grant if the fund earns interest at 3.41 % compounded seminualy and the first grant is awarded on October 9, 2009 ?[/FONT]

 

[Deleted member 4993]

On May 9, 1996, a research fund of $229000 was established to provide for equal month grants for 11 years. What will be the size of each grant if the fund earns interest at 3.41 % compounded seminualy and the first grant is awarded on October 9, 2009 ?

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