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You have $500,000 to donate to your college. You want to endow a perpetual scholarship that makes its first payment in 1 year. If the

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You have $500,000 to donate to your college. You want to endow a perpetual scholarship that makes its first payment in 1 year. If the college's discount rate is 7%, how large will the annual scholarship payment be? The annual scholarship payment will be $ (Round to the nearest dollar.)

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