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A university alumni group wishes to provide an annual scholarship in the amount of $1400 beginning next year. If the scholarship fund will earn an

A university alumni group wishes to provide an annual scholarship in the amount of $1400 beginning next year. If the scholarship fund will earn an interest rate of 4%/year compounded continuously, find the amount of the endowment the alumni are required to make now. (Assume that the beginning of next year corresponds to

t = 0.)

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