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A rich singer has donated $481,976 to endow a university professorial chair in Bohemian Studies. If the money is invested at 11.18%, how much can

A rich singer has donated $481,976 to endow a university professorial chair in Bohemian Studies. If the money is invested at 11.18%, how much can be withdrawn each year, ad infinitum (indefinitely), to pay the Professor of B.S.?

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