Endow a scholarship that pays full tuition

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You would like to endow a scholarship. In-state tuition is currently $10,000, payable at the end of each year. Tuition will grow by 3% per year. The opportunity cost of capital is 5%. How much money should you invest today to endow a scholarship that pays full tuition once every year starting 10 years from now?

Reference no: EM131856341

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