Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account that pays 12% per year based on the following schedule.
Year 0 Deposit $100
Year 1 Deposit 90
Year 2 Deposit 80
Year 3 Deposit 70
Year 4 Deposit 60
Year 5 Deposit 50
Year 6 Deposit 40
If the first scholarship is to be awarded one year after the first deposit is made and thereafter the award will be given indefinitely, what is the scholarship amount?
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