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Maine Business School alumni recently established an endowment fund that will provide annual scholarships of $12,000 for 24 years. The fund will pay the first

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Maine Business School alumni recently established an endowment fund that will provide annual scholarships of $12,000 for 24 years. The fund will pay the first scholarship 1 year from now. The fund can earn annual rate of return at 8% managed by professional money managers. Part 1 Attempt 1/3 for 10 pts. How much money shoud be put into the fund today

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