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What is the total amount of annual scholarships

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Question - A professional athlete has $14 million in earnings over their career. They have decided to invest the entire $14 million to fund scholarships that will go on forever. The scholarships will be provided at the beginning of each year. They have decided to invest their funds for 2 years at 5% compounded quarterly and then establish the scholarship fund. What is the total amount of annual scholarships that could be provided, beginning in two years?

Reference no: EM133159205

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