Question
A person donates $29000 to provide equal annual scholarships forever to their favorite university. If the university earns 8% compounded quarterly on the scholarship fund,
A person donates $29000 to provide equal annual scholarships forever to their favorite university. If the university earns 8% compounded quarterly on the scholarship fund, what is the size of the annual scholarships rounded up to the next cent? Note that the first scholarship is to be awarded at the end of the first year.
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Bond Markets Analysis And Strategies
Authors: Frank J. Fabozzi, Francesco A. Fabozzi
10th Edition
026204627X, 978-0253337535
