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A rich brew master has donated $550,000 to endow a university professorial chair in Beverage Studies. If the money is invested at 6%, how much
A rich brew master has donated $550,000 to endow a university professorial chair in Beverage Studies. If the money is invested at 6%, how much can be withdrawn each year, ad infinitum (i.e., forever), to pay the Professor of B. S.? (round to the nearest dollar, omit \$ and ,) Suppose the money is donated today, but the Professor of B.S. will be paid for the first time two years from now. How much can be withdrawn each year, ad infinitum, to pay the Professor? (round to the nearest dollar, omit \$ and ,)
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