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Business, 13.03.2020 02:10 Wierdo101

Cheyenne wishes to endow a professorship at her alma mater. She learns that to do so, she must contribute $1,000,000. What annual salary would a $1,000,000 gift support forever if salary payments are made monthly, starting one month after the gift, and the money's growth is governed by an annual effective discount rate of 6%?

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