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A donor gives $250,000 to a university, and specifies that it is to be used to...

A donor gives $250,000 to a university, and specifies that it is to be used to give annual scholarships for the next 40 years. If the university can earn 3.8% interest compounded annually, how much can they give in scholarships each year? Round your answer to two decimal places

The answer is 12,257.44

How do you solve it to get this answer

math   Statistics-And-Probability   
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