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You have $500,000 to donate to your college. The college's dncount rate is 4%. You donate the money today, but you ank the colloge to delay the scholarship payment so that the first scholarship payment is made 10 years from today How large will the annual payment be? The annual scholaship payment will be 1 (Round to the nearest cent)

You have $500,000 to donate to your college. The college's dncount rate is 4%. You donate the money today, but you ank the colloge to delay the scholarship payment so that the first scholarship payment is made 10 years from today How large will the annual payment be? The annual scholaship payment will be 1 (Round to the nearest cent)

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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You have $500,000 to donate to your college. The college's discount rate is 4%. You donate the money today. but you ask the college to delay the scholarship payment so that the first scholarship payment is made 10 years from today. How large will the annual payment be? The annual scholarship payment will be S (Round to the nearest cent)
Transcribed Image Text:You have $500,000 to donate to your college. The college's discount rate is 4%. You donate the money today. but you ask the college to delay the scholarship payment so that the first scholarship payment is made 10 years from today. How large will the annual payment be? The annual scholarship payment will be S (Round to the nearest cent)
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