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You are rich and you want to donate a considerable amount to the University of Windsor. You are planning to set up a scholarship and
You are rich and you want to donate a considerable amount to the University of Windsor. You are planning to set up a scholarship and the fund to be capable of awarding $25,000 annually in perpetuity. The first payment of the scholarship is in five years. The interest rate is 4% compounding semiannually. How much money must you put in the account now to be able to pay the scholarship
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