Determine the annual scholarship payment

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Reference no: EM1347369

A scholarship provider has $500,000 which she will invest today to fund a scholarship forever. She expects to earn 8% on her money each year. If she wants to begin paying out the scholarship starting today, what will the annual scholarship payment be?

$40,000.00
$37.037.04
6,750,000.00
$36,800.00

Reference no: EM1347369

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