A wealthy donor made a $50,000 contribution to a local charity. The charity invested this amount for three years at an interest rate of 2.4% compounded annually. At the end of this time, the charity wished to provide monthly benefits in perpetuity to those in need. Determine the amount that the charity can provide on a monthly basis.

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The Answer of A wealthy donor made a $50,000 contribution to a local charity. The charity invested this amount for three years at an interest rate of 2.4% compounded annually. At the end of this time, the charity wished to provide monthly benefits in perpetuity to those in need. Determine the amount that the charity can provide on a monthly basis.

A Wealthy Donor Made a $50,000 Contribution to a Local