Yvonne’s father was a true believer in “giving back.” He endowed a program 35 years ago to help students receive degrees when they are short on funds. How much money was contributed 35 years ago if it earned at a rate of 10% per year (with no withdrawals) and is now sufficient to provide a perpetual income of $10,000 annually beginning this year, year 35? The amount of money that was contributed 35 years ago is $ X
Yvonne’s father was a true believer in “giving back.” He endowed a program 35 years ago to help students receive degrees when they are short on funds.
How much money was contributed 35 years ago if it earned at a rate of 10% per year (with no withdrawals) and is now sufficient to provide a perpetual income of $10,000 annually beginning this year, year 35?
The amount of money that was contributed 35 years ago is $ X
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Yvonne’s father was a true believer in “giving back.” He endowed a program 35 years ago to help students receive degrees when they are short on funds.
If Yvonne wants to start her own scholarship fund that generates $36,000 annually starting next year, what is the amount she must contribute if earnings remain at 8% per year?
The amount she must contribute if earnings remain at 8% per year is $ .
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