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Lee wants to donate enough money to an University to fund an ongoing annual bursary of $2500 to a deserving finance student. 1) How much

Lee wants to donate enough money to an University to fund an ongoing annual bursary of $2500 to a deserving finance student.

1) How much must he donate today in order for the first payment to be given out right away?

2) How much must he donate today in order for the first payment to be given out in five years?

Assume an interest rate of j1=4%

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