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You want to endow a scholarship now that will pay $ 6 , 0 0 0 per year forever, starting the first award 1 0

You want to endow a scholarship now that will pay $

6, 000

per year forever, starting the first award

10

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

9 %,

what amount must you donate today to endow the scholarship?

The amount you must donate today to endow the scholarship is $

(

Round to the nearest cent

)

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