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What will be the first payment on a scholarship if a donor can donate $ 1 , 0 0 0 , 0 0 0 right

What will be the first payment on a scholarship if a donor can donate $1,000,000 right now? The annual discount factor is 5% and the scholarship payments will grow at a 3% rate to compensate for future tuition and cost of living increases. The scholarship will make its first payment in 4 years and will continue to make payments forever.
$23,152(Correct answer) Explain

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