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An award is being established, and it will pay $11,000 every two years, with the first installment being paid in two years. The award will be given...


An award is being​ established, and it will pay ​$11,000 every two ​years, with the first installment being paid in two years. The award will be given for an indefinitely long period of time. If the interest rate is 3​% per​ annum, what​ lump-sum amount of money​ (invested now) will be required to endow this award​ forever?

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The present value PV of the investment would be $... View the full answer

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