Rachael is applying for a scholarship currently valued at $5000. If she is awarded it at the
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Rachael is applying for a scholarship currently valued at
$5000. If she is awarded it at the end of next year, how much is the scholarship worth in today’s dollars, assuming infl ation of 3 percent? (Hint: Use Appendix A.2 or the Garman/Forgue companion website.)
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