1. April wants to create a scholarship fund by saving for several years before the fund...

1. April wants to create a scholarship fund by saving for several years before the fund starts making annual scholarship payments forever. She plans to save 10,800 dollars per year for 5 years. Her first savings contribution is expected later today. How much can the fund be expected to provide each year for scholarships if the fund is expected to earn 4.67 percent per year, make equal scholarship payments forever, and make its first scholarship payment in 6 years?

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jeff jeffy answered 1 year ago

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