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a. If he wanted the cash award of each of the five prizes to be $55,000 and his estate could earn 9% per year, how
a. If he wanted the cash award of each of the five prizes to be $55,000 and his estate could earn 9% per year, how much would he need to fund his prizes? b. If he wanted the value of each prize to grow by 4% per year (perhaps to keep up with inflation), how much would he need to leave? Assume that the first amount was still $55,000. a. He would need ! (Round to the nearest dollar.) b. He would need $ (Round to the nearest dollar.) c. His heirs would have! (Round to the nearest million.) to fund his prizes. to fund his prizes. million
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