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The Commerce Society would like to endow an annual prize of $429.00 to the student who is deemed to have exhibited the most class spirit.
The Commerce Society would like to endow an annual prize of $429.00 to the student who is deemed to have exhibited the most class spirit. The Society is confident that it can invest indefinitely at an interest rate of at least 6.6% a year. How much does the Society need to endow itsprize?
To endow its prize the Society needs $______.
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