You are awarded a lifetime stipend from an environmental research foundation f...
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You
are awarded a lifetime stipend from an environmental research foundation for
your contributions to climate-related innovation. The stipend will pay
$3521one year from today, and the amount will increase by
2,7%each year
indefinitely. If the appropriate discount rate is
8,6%per year, what is the
value of this lifetime stipend immediately before the second payment is made? Write your answer to two decimal places.
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