Determination of monthly payments

Reference no: EM1353865

Bill Gates want to fund a new charter school to forever receive $10 million annually (paid once a year) starting in five years. After the fund is completed in five years, it will earn 8% interest compounded annually. How much per month for the upcoming five years should he invest in a fund at 6% annual interest, compounded monthly, to fund this.

Reference no: EM1353865

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