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Say that you want to establish a scholarship fund that will make fixed payments forever. To fund the scholarship, you plan to make 12 annual
Say that you want to establish a scholarship fund that will make fixed payments forever. To fund the scholarship, you plan to make 12 annual contributions of $3.4k to an investment account with an expected return of 6.0% interest annually. Your first contribution occurs next year. If the scholarship fund makes its first payment the year following the last contribution, then what is the fixed annual payment that the scholarship fund will award? (Round to the nearest dollar)
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