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5. You need an annual payment of $500,000 that never expires. You approach the Phillip Morris Foundation for a gift. Assuming a discount rate of

5. You need an annual payment of $500,000 that never expires. You approach the Phillip Morris Foundation for a gift. Assuming a discount rate of 7%, how much do you need to ask Phillip Morris to endow to realize the desired payment? Please break down the Math required to solve this problem and your proposed solution

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