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Joseph wants to establish a scholarship fund at his former university. He would like the recipients to receive an annual $5,000 award starting next year.

Joseph wants to establish a scholarship fund at his former university. He would like the recipients to receive an annual $5,000 award starting next year. He would like to fund 10 years of these awards. Assuming the university can earn 6% on their donated funds, how much of a donation must Joseph make today to fund the scholarships?

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