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A company wants to set up a bursary at the university. The bursary should be such that it can forever give an amount of R10638
A company wants to set up a bursary at the university. The bursary should be such that it can forever give an amount of R10638 per year per student to 6 deserving students. If the bursaries are to be awarded at the end of each year (the first bursaries will be given to students exactly one year after the company donates the money to the university), and the university earns interest at a rate of 2.6% per 3-month period, what amount should the company donate to the university? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)
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