Given an interest rate of 5.5% per year, the required budget for next year is $20,000 and
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Question:
Given an interest rate of 5.5% per year, the required budget for next year is $20,000 and is estimated to rise by 3.5% per year in perpetuity. To satisfy this budget, how much do you need to donate now?
Expert Answer:
To determine the amount that needs to be donated now to satisfy the budget requir... View the full answer
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