Mr. Shawn wants to establish an annual $ 5,000 scholarship in memory of his father. The first
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Mr. Shawn wants to establish an annual $ 5,000 scholarship in memory of his father. The first scholarship is to be awarded two years from now. If the funds can earn 6.25 % compounded annually, what amount must Mr. Shawn pay now to sustain the scholarship in perpetuity?
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