A wealthy benefactor has donated $1,000,000 to establish a perpetuity that will be used to support the

Question:

A wealthy benefactor has donated $1,000,000 to establish a perpetuity that will be used to support the operating costs of a local heritage museum scheduled to open in three years’ time. If the funds earn 4.8% compounded monthly, what monthly payments, the first occurring three years from now, can the museum expect?

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