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To benefit the ISU College of Business, Bill Vickers would like to establish a perpetual scholarship fund that will pay for MBA tuition and fees

To benefit the ISU College of Business, Bill Vickers would like to establish a perpetual scholarship fund that will pay for MBA tuition and fees worth $155,000 per year. The funds first payment to ISU will be issued exactly 9 years from today. If the scholarship fund earns an annual return of 3 percent, how much must Mr. Vickers deposit today to establish it?

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