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You want to endow a scholarship that will pay $ 1 3 , 0 0 0 per year forever, starting one year from now. If

You want to endow a scholarship that will pay $

13, 000

per year forever, starting one year from now. If the school's endowment discount rate is

4 %,

what amount must you donate to endow the scholarship?

The amount you must donate is $

(

Round to the nearest cent.

)

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