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Suppose Mr Smith has $5,000,000 that he wishes to distribute as a scholarship at the rate of $250,000 per year. If the money invested into
Suppose Mr Smith has $5,000,000 that he wishes to distribute as a scholarship at the rate of $250,000 per year. If the money invested into a back account that give 4% interest per year, how many years will take to spend all the money? And how long will it take if the account earns 2% instead of 4%
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