An endowment is set up to provide scholarships in, Financial Management

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An endowment is set up to provide scholarships in

An endowment is set up to provide scholarships in perpetuity. Each scholarship is awarded at the end of each year. The first 9 scholarships are for $1,800. After that, the scholarships will be awarded in the amount of $750. The account earns an annual effective rate of 6.1%. Determine the present value of the endowment.

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