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Annual Scholarship payment

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A scholarship provider has $450000 which she will invest today to fund a scholarship forever. She expects to earn 7% on her money each year. If she wants to begin paying out the scholarship starting today, what will the annual scholarship payment be?

Answer
$28,230
$31,500
$35,822
$29,439

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A scholarship provider has $450000 which she will invest today to fund a scholarship ...

Solution Summary

Annual Scholarship payment

$2.19