You want to endow a scholarship that will pay $11,000-per year​ forever, starting one year from now. If the​ school's endowment discount rate is 9%​, what amount must you donate to endow the​ scholarship? The amount you must donate is ​$_______. ​(Round to the nearest​ cent.)

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 22E
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You want to endow a scholarship that will pay
$11,000-per year​ forever, starting one year from now. If the​ school's endowment discount rate is 9%​, what amount must you donate to endow the​ scholarship?
The amount you must donate is
​$_______.
​(Round to the nearest​ cent.)
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