timer Asked: Mar 15th, 2015

Question Description

The son is currently 10 years old. In his will, Joe says $100,000 will be used. The son will receive the annual income from the investment until the son is 21. At that time, the son will receive no further income from the investment. Joe wants to have the rest go to his wife for another 10 years after the son turns 21. After making his will Joe lives another 2 years and then dies. The interest rate on suitable investments at that time is 8%.

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