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You just won the lottery, and you want to endow a professorship at your alma mater. You are willing to donate $4 million of your
You just won the lottery, and you want to endow a professorship at your alma mater. You are willing to donate $4 million of your winnings for this purpose. If the university earns 5% per year on its investments, and the professor will be receiving her first payment in one year, how much will the endowment pay her each year??
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