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A sponsor wishes to establish a grant of $10,000 per year for the next 20 years to meritorious students. The grant will be distributed from
A sponsor wishes to establish a grant of $10,000 per year for the next 20 years to meritorious students. The grant will be distributed from the fund at the end of each year, with the first payment occurring one year from now. How much would the sponsor need to donate to the fund today if it is expected to earn 6% per annum?
a. $114,699.21 b. $110,14.54 c. $97,354.21 d. $91,285.46
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