Svetlana Romashina wants to set up a scholarship for an indefinite time at his alma...
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Accounting
Svetlana Romashina wants to set up a scholarship for an indefinite time at his alma mater. The historical rate of increase annually in tuition over the last decade is 6.5%. She is willing to invest 1,000,000 in an account earning 14 percent annually. What will be the amount of the first annual scholarship that can be given from this investment if the scholarship must keep up with the historical rate of growth in tuition? (Round to the nearest dollar)
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