What will be the first year award amount be

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Reference no: EM131969710

In your will, you bequeath $6000000 into an account that earns 12% annually. The account will fund an annual award in perpetuity that will be given to a world leader who has excellent intentions to promote peace. If you want the award amount to increase by 7% every year, what will be the first year's award amount be?

Reference no: EM131969710

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