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at amount of money c

at amount of money c

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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After winning a court case against a mining company for polluting a local lake, the First Nation suing the company decides to use $2,500,000 of the awarded money to set up a foundation that will give annual grants to small local businesses that demonstrate sustainability and provide local employment. They estimate that the foundation will be established and ready to make the first grant in 4 years. What amount of money can they grant annually if they can earn 4.25% quarterly?
Transcribed Image Text:After winning a court case against a mining company for polluting a local lake, the First Nation suing the company decides to use $2,500,000 of the awarded money to set up a foundation that will give annual grants to small local businesses that demonstrate sustainability and provide local employment. They estimate that the foundation will be established and ready to make the first grant in 4 years. What amount of money can they grant annually if they can earn 4.25% quarterly?
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