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Mr. Larsen's will directed that $500,000 be invested to establish a perpetuity making payments at the end of each month to his wife for as

Mr. Larsen's will directed that $500,000 be invested to establish a perpetuity making payments at the end of each month to his wife for as long as she lives and subsequently to the Canadian Heart Foundation. What will the payments be if the funds can be invested to earn 3.6% compounded monthly?(Do not round intermediate calculations and round your final answer to the nearest dollar.)

Monthly payments will be $

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