A wealthy benefactor has donated $1,000,000 to establish a perpetuity that will be used to support the operating costs of a local heritage museum scheduled to open in 3 years' time. If the funds earn 4.8% compounded monthly, what monthly payments, the first occurring three years from now, can the museum expect?

Question

Quizplus · Accepted Answer

The Answer of A wealthy benefactor has donated $1,000,000 to establish a perpetuity that will be used to support the operating costs of a local heritage museum scheduled to open in 3 years' time. If the funds earn 4.8% compounded monthly, what monthly payments, the first occurring three years from now, can the museum expect?

A Wealthy Benefactor Has Donated $1,000,000 to Establish a Perpetuity