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Maueve wants to create a scholarship fund by saving for several years before thr fund starts...

Maueve wants to create a scholarship fund by saving for several years before thr fund starts making annual scholarship paylents forever. She plans to save $24,000 per year for 5 years. Her first savings contributon is expected in 1 yeR. HOW MUCH CAN THE FUND be expected to provide each year for scholarships if the fund is expected to earn 19.40 percent per year, make equal scholarship payments forever and make ifs first scholarship payment in 6 years?

A $40,884 ( plus or minus $10)
B $34,242 ( plus or minus $10)
C $28678 ( plus or minus $10)
D $24,018 ( plus or minus $10)
E none
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Answer #1

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ANSWER : B : 34242

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