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You will receive a scholarship including annual stipends of $5,000 for a period of six (6) years (i.e., there will be total of 6 payments).

You will receive a scholarship including annual stipends of $5,000 for a period of six (6) years (i.e., there will be total of 6 payments). The first payment will be made in three years (t = 3). If your discount rate is 8% APR, what is the value of the scholarship today (t = 0)?

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