Today you want to endow a scholarship that will pay

$8 000

per year forever, starting

10

years from now. If the school's endowment discount rate is

4%,

what amount must you donate to endow the scholarship?

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Part 1

The amount you must donate today to endow a scholarship that will pay

$8 000

per year forever, starting in

10

years, is $

(Round to the nearest cent.)