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You wish to establish a scholarship fund for students at

You wish to establish a scholarship fund for students at Clever College. The fund wouldpay an annual scholarship that would start at $5,000 awarded one year from now andincrease by 3.5% per year forever. If the fund could earn an effective annual return of6%, how much would you need to contribute to the scholarship fund today for it to be fully funded?

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Finance Basics: You wish to establish a scholarship fund for students at

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