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14 How much money must be set aside today, to create an endowment, which pays $120,000 per year forever, if the rate of interest is

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How much money must be set aside today, to create an endowment, which pays $120,000 per year forever, if the rate of interest is 15%? a. $120,000 b. $340,000 c. $642,000 d. $80,000

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