local businessman has set up a school fund that will last forever that can earn 3.1% annually. How much money do you have to deposit today in order to be able to provide three annual 10,000 scholarships, each to be paid at the end of the year?

local businessman has set up a school fund that will last forever that can earn 3.1% annually. How much money do you have to deposit today in order to be able to provide three annual 10,000 scholarships, each to be paid at the end of the year?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 10E

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A local businessman has set up a school fund that will last forever that can earn 3.1% annually. How much money do you have to deposit today in order to be able to provide three annual 10,000 scholarships, each to be paid at the end of the year?

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