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Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest. That bequest will provide $7,000
Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest. That bequest will provide $7,000 in the first year, and will grow by 5% per year, forever. If the interest rate is 11%, how much must Martin provide to fund this bequest?
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