What amount must you invest in this account today to fund, Financial Management

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What amount must you invest in this account today to fund

After inheriting $1,000,000, you decide to make an endowment to DBU that will fund a scholarship of $8,000 every year for the next 30 years. The market interest rate for a deposit account that will disperse such an annuity is 9.5%, compounded annually. What amount must you invest in this account today to fund this annuity for 30 years (the 30th payment will zero out the account)?

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Financial Management: What amount must you invest in this account today to fund

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