Harriet Truscott, a wealthy patron of a small private college, wishes to endow a chair in mathematics.
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Harriet Truscott, a wealthy patron of a small private college, wishes to endow a chair in mathematics. Suppose the mathematician who occupies the chair is to receive $70,000 per year in salary and benefits. If the gift can be invested at an annual interest rate of 8% compounded continuously, how much money must Harriet donate to sustain the endowed chair?
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Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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