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Mrs . McTavish wants to establish an annual $ 5 , 4 0 0 scholarship in memory of her husband. The first scholarship is to

Mrs. McTavish wants to establish an annual $5,400 scholarship in memory of her husband. The first scholarship is to be awarded two years from now. If the funds can earn 7.50% compounded annually, what amount must Mrs. McTavish pay now to sustain the scholarship in perpetuity? (Round your answer to the nearest cent.)

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