Question: Dr. Pollard donated $700,000 to the Canadian National Institute for the Blind. The money is to be used to make semiannual payments in perpetuity

Dr. Pollard donated $700,000 to the Canadian National Institute for the Blind.

Dr. Pollard donated $700,000 to the Canadian National Institute for the Blind. The money is to be used to make semiannual payments in perpetuity (after a period of deferral) to finance the recording of books-on- CD for the blind. The first perpetuity payment is to be made five years from the date of the donation. If the funds are invested at 2% compounded semiannually, what will be the size of the payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) The size of the payment is S

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