Question
Mr. Smart wants to set up an annual scholarship by donating $50,000 to the scholarship fund of his university. If the first payment is to
Mr. Smart wants to set up an annual scholarship by donating $50,000 to the scholarship fund of his university. If the first payment is to be made in 5 years and interest is 4% compounded annually, what is the amount of the annual scholarship?
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Get StartedRecommended Textbook for
College Algebra
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels
12th edition
134697022, 9780134313795 , 978-0134697024
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