Grateful alumnus wishes to provide a scholarship

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Reference no: EM131566088

A grateful alumnus wishes to provide a scholarship of $2,600 per year for 5 years to his alma mater, with the first scholarship awarded on his 55th birthday. If the money is worth an annual rate of 6.4%, compounded annually, how much money must he donate on his 45th birthday? Round your answer to the nearest cent.

Reference no: EM131566088

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