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A donor wishes to endow a scholarship to a certain university in the name of a certain professor. The scholarship is to provide $60,000 per
A donor wishes to endow a scholarship to a certain university in the name of a certain professor. The scholarship is to provide $60,000 per year for first 5 years and $110,000 per year for the following 95 years. If the university expects to be able to earn 10% per year compounded continuously on the endowment, how much must the donor give now if the first scholarship is to be given 2 years from now?
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