How much was original donation in order to have enough funds

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Reference no: EM131566965

The math department has received a donation to fund honors student awards. The donation is invested in an account which has an annual interest rate of 2% an interest is compounded annually. The donators want 3 awardees to each receive $4,000 at the end of each year for a period of 5 years. How much was the original donation in order to have enough funds to pay out all of the awards as described?

Reference no: EM131566965

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