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What? lump-sum amount of money?

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An award is being? established, and it will pay ?$11,000 every two ?years, with the first installment being paid in two years. The award will be given for an indefinitely long period of time. If the interest rate is 3?% per? annum, what? lump-sum amount of money? (invested now) will be required to endow this award? forever?

Reference no: EM132284669

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