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Renee wants to establish a charitable foundation that will make annual scholarship payments forever. Renee wants the foundation to make the first annual scholarship payment

Renee wants to establish a charitable foundation that will make annual scholarship payments forever. Renee wants the foundation to make the first annual scholarship payment in 8 years from today, she wants that first scholarship payment to be $26,200.00, and she wants annual scholarship payments to increase by 1.74 percent per year forever. To fund the foundation, Renee plans to make equal annual savings contributions for 7 years. How much does Renee need to save each year for 7 years to have exactly enough in the foundation to meet her goal if she makes her first savings contribution in one year from today, all savings contributions are equal, and her expected return is 9.46 percent per year? 27,648.48(plus or minus $10)36,370.32(plus or minus $10)O 33,227.04(plus or minus $10)29,680.64(plus or minus $10)30,264.02(plus or minus $10)

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