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You want to endow a scholarship that will pay $5,000 per year forever, starting one year from now. If the school's endowment discount rate is

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You want to endow a scholarship that will pay $5,000 per year forever, starting one year from now. If the school's endowment discount rate is 8%, what amount must you donate to endow the scholarship? The amount you must donate is $ (Round to the nearest cent.)

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