The National Museum has received a donation of $2,000,000 which is to be used to purchase new
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Question:
The National Museum has received a donation of $2,000,000 which is to be used to purchase new exhibits at the end of every three months. If the money earns 12% compounded annually, how much could be paid out every three months in perpetuity?
Multiple Choice
$60,000
$57,475
$24,000
$114,704
$72,895
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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