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A person wishes to establish a fund, earning 10% interest per annum compounded annually, to award a scholarship to the gold medallist in B.Com., Examination.

A person wishes to establish a fund, earning 10% interest per annum compounded annually, to award a scholarship to the gold medallist in B.Com., Examination. The maintenance of the scholarship will cost Rs 8000 per year with the first payment due immediately. How much should be paid to purchase the annuity?

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