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You have decided to start a scholarship by depositing 3 equal annual deposits into an account beginning today (first deposit will be at t=0 and the last deposit at t=2). The scholarship should pay $1,000 per year beginning at t=6 and continue forever. How much must each deposit be in order to make the required scholarship payments? The account earns 5% interest compounded annually.

Reference no: EM132460222

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