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Question: The Citizens Club of Texas is raising money to erect a permanent monument in Dallas, Texas to honor Texas firefighters killed in the line of duty. The initial cost of the monument will be $345,000, and the annual maintenance will cost $12,000. There will be an additional cost of $18, 500 every 2 years to add new names of those who died during that time. At an interest rate of 8% per year, how much money must The Citizens Club of Texas raise now in order to construct and maintain the monument forever?

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