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An anonymous donor purchased a gift for $10,000 that promises to pay you a financial amount each year which increases in size every year and
An anonymous donor purchased a gift for $10,000 that promises to pay you a financial amount each year which increases in size every year and lasts forever. The first payment starts next year, and the size of the payment will be $X. If the cash flow payment grows by 5% every year and the interest rate is 8%, what is the size of the first payment ($X)?
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