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You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area

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You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area in perpetuity. Every 4 years you will give the school $600,000. The first payment will occur 4 years from today. If the interest rate is 4% per year, what is the present value of your gift? The 4-year interest rate is \%. (Round to three decimal places.)

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