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56 Minutes, 39 You wish to create a scholarship foundation that will start issuing awards 12 years from now and will last forever. You want

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56 Minutes, 39 You wish to create a scholarship foundation that will start issuing awards 12 years from now and will last forever. You want the yearly total award to be $5,989. The interest rate is always 7.1%. Find the present value of the scholarship Hint: First find the PV of the perpetuity at the time point a year before the first award comes. [Hints/Example)

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