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  3. you have $500,000 to donate to your college. the c

You have $500,000 to donate to your college. The college's discount rate is 3%. You...

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You have $500,000 to donate to your college. The college's discount rate is 3%. You donate the money today, but you ask the college to delay the scholarship payment so that the first scholarship payment is made 10 years from today. How large will the annual payment be? The annual scholarship payment will be $ (Round to the nearest cent.)

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