How much can be paid in scholarship at the beginning of each month if $200000 is deposited in a trust fund if interest is 3.5% compounded monthly. The Amount that can be paid each month is $_______(round to six decimal places)

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 22E
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How much can be paid in scholarship at the beginning of each month if $200000 is deposited in a trust fund if interest is 3.5% compounded monthly.

The Amount that can be paid each month is $_______(round to six decimal places)

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