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8. You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco

8. You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area in perpetuity and will give the school $1 million a year. (a) what is the present value of your gift (r = 5%)? (b) what if you want to allow for 1% annual growth?

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