Multiple Choice
A donation of $250,000 is made today to the local library for the purchase of new books. What amount can be withdrawn every month in perpetuity if the money is earning 9% compounded monthly and the first payment is to be made immediately?
A) $2,250.00
B) $1,875.00
C) $1,861.04
D) $1575.00
E) $1562.77
Correct Answer:
Verified
Correct Answer:
Verified
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