What is the amount of the donation rounded

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Reference no: EM133433664

Question: You would like to fund a scholarship that will pay $10,000 every 6 months to a deserving Kelley student. The scholarship will be awarded for the first time in March of 2024 (12 months from today). The donor decides that the scholarship should be provided in perpetuity. The IU Foundation manages investments like this for the Business School. The Foundation anticipates earning an APR of 9% per year on the invested funds, compounded monthly. What is the amount of the donation rounded to the nearest dollar that must be given to the IU Foundation today to fully endow this Kelley scholarship?

Reference no: EM133433664

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