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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
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?(Do not round the intermediate calculations. Round your answer to the nearest cent.)
Expected monthly payments $____
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