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You want to endow a scholarship that will pay $6,000 per year forever, starting one year from now. If the school's endowment discount rate is

You want to endow a scholarship that will pay $6,000 per year forever, starting one year from now. If the school's endowment discount rate is 5%, what amount must you donate to endow the scholarship?

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The amount you must donate is?

(Round to the nearest cent.)

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