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Vancouver University is desired to invest $25,000 to provide for a scholarship at the end of each year in perpetuity. The interest rate is 5%
Vancouver University is desired to invest $25,000 to provide for a scholarship at the end of each year in perpetuity. The interest rate is 5% compounded annually. The first scholarship will be awarded one year from today. What is the size of the annual scholarship?
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To calculate the size of the annual scholarship we can use the perpetuity formula which calculat...
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
