How much money should be deposited in the bank

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Reference no: EM13192513

A perpetuity is similar to a decreasing annuity, except that the payments continue forever. A grateful alumnus decides to donate a permanent scholarship of $2000 per year. How much money should be deposited in the bank at 2% interest compounded annually in order to be able to supply the money for the scholarship at the end of each year?

Reference no: EM13192513

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