A rich singer has donated $355,841 to endow a university professorial chair in Bohemian Studies. If the money is invested at 18.03%, how much can be withdrawn each year, ad infinitum (indefinitely), to pay the Professor of B.S.?
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A rich singer has donated $355,841 to endow a university professorial chair in Bohemian Studies. If the money is invested at 18.03%, how much can be withdrawn each year, ad infinitum (indefinitely), to pay the Professor of B.S.?
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- Runer has donated $500,000 to endow a university professorial chair in BohemianStudies. If the money is invested at 8.5%, how much can be withdrawn each year, ad infinitum, topay the Professor of B.S.?A rich folk singer has donated $500,000 to endow a university professorial chair in BohemianStudies. If the money is invested at 8.5%, how much can be withdrawn each year, ad infinitum, topay the Professor of B.S.?Determine the exact and ordinary simple interest on a 180-day loan of $10000 at 6%. Exact Interest is $Blank 1 and Ordinary Interest is $ Blank 2. Note: Round off your answer to 2 decimal places. Blank 1 Add your answer Blank 2 Add your answer
- Michigan Tech received a donation of $436,133 to be used for scholarship funds. The money will be deposited today into a fund that earns 7% each year, compounded monthly. How much money can Michigan Tech withdraw at the end of each year to give out in scholarship money for the following calendar year if they want this fund to last forever? (note: round your answer to two decimal places; do not include spaces or dollar signs.)What are the annual payments necessary to pay a $100,000, 12-year loan if the loan rate is 8 %Chelsea has to pay a series of uniform annual payments over a fixed period of time to repay a loan that would amount to $1,000,000. If Chelsea has to pay $30,000 per year for a rate of 6%, how long should she pay these uniform payments in order to repay her loan?
- 45. A man makes a series of ten annual deposits starting at P2, 000 at the end of the first year and increasing the account deposited by 10% every year thereafter. Find the total account on deposit in (a) 8%You are planning to become a millionaire (i.e., save $1 M) over the next 30 years when you finally retire. a) If you are earning interest at the rate of 5% and you live 15 years after retirement, what annual level of living expenses can you afford with your savings? b) Suppose your retirement living expenses will increase at an annual rate of 3% due to inflation. Determine the annual spending plan in line with your inflationI want to be earning an annual salary of $100,000 when I retire in 14 years. I have been offered a job that guarantees an annual salary increase of 4% per year, and the starting salary is negotiable. What is the lowest salary that I should request in order to meet my goal? (Round your answer to the nearest cent.)
- A principal of P27,723 is placed in a saving account at 5.23% per annum compounded annually. How much is in the saving account after 3 years?Write your answer in two decimal places.Loan servicing includes a number of responsibilities such as collecting monthly mortgage payments from the borrower, remitting principal and interest payments to investors, ensuring sufficient escrow payments are being made by the borrower, and managing default if it should arise. In exchange for these services, mortgage bankers receive a fee. If the outstanding loan balance is $250,000 and the annual servicing fee is 0.35%, what is the monthly fee for servicing the loan? Please explain your calculation A) $72.92 B) $729.17 C) $875.00 D) $8,750.00After you graduate you want to set up an endowment (capitalized fund) for your favorite department at A&T You want to provide $10,000 per year – at 4% interest. How much do you have to write the check for?