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A proud university alumnus deposited $50,000 in a savings account

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June 7th, 2024

A proud university alumnus deposited $50,000 in a savings account as a perpetual trust. She believes the account will earn 7% per year during the first 10 years and 5% per year thereafter. The trust fund is to provide a uniform end-of-year scholarship at her alma mater. What uniform amount could be used for the student scholarship each year, beginning one year after depositing the money in the account and continuing forever ?

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