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 If the money is invested at 18.03%, how much can be withdrawn each year, ad infinitum (indefinitely), to pay the Professor of B.S.?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 If the money is invested at 18.03%, how much can be withdrawn each year, ad infinitum (indefinitely), to pay the Professor of B.S.?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 If the money is invested at 8.5%, how much can be withdrawn each year, ad infinitum, topay the Professor of B.S.?Michigan Tech received a donation of $436,133 to be used for scholarship funds.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%I 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.Trevor's starting salary at his new job is $40,000. His company gives a performance raise of 5% each year. If Trevor continues in the same position and always receives the performance raise, in how many years will he double his salary?After 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?
- John Doe received the following information in a mailed advertisement: "You could borrow $4,400 for just $184.62 per month for 36 months at 29.1% APR. Get the money you need at a payment you can afford." Would you take this borrowing opportunity? What is the effective interest rate being charged to the borrower? Assume the maximum acceptable interest rate is 15%. The effective annual interest rate is %. (Round to two decimal places.)Please solve this question and kindly use this formula F=P(1+in)To make CDs look more attractive as an investment than they really are, some banks advertise that their rates are higher than their competitors' rates; however, the fine print says that the rate is based on simple interest. If you were to deposit $16,000 at 10.00% per year simple interest in a CD, what compound interest rate would yield the same amount of money in 3 years? (Round the final answer to three decimal places.) The compound interest rate that would yield the same amount of money in 3 years is % per year.