5-3. An award is being established, and it will pay $25,000 every three years, with the first...

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5-3. An award is being established, and it will pay $25,000 every three years, with the first installment being paid in three years. The award will be given for an indefinitely long period of time. If the interest rate is 2% per annum, what lump-sum amount of money (invested now) will be required to endow this award forever? (5.3)

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Engineering Economy

ISBN: 9781292265001

17th Global Edition

Authors: William G. Sullivan ,Elin M. Wicks ,C. Patrick Koelling

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