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Maine Business School alumni recently established an endowment fund that will provide annual scholarships of $18,000 for 23 years. The fund will pay the first

Maine Business School alumni recently established an endowment fund that will provide annual scholarships of $18,000 for 23 years. The fund will pay the first scholarship 6 years from now. The fund can earn annual rate of return at 6% managed by professional money managers.

How much money shoud be put into the fund today?

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