Question

You made your fortune As part of your legacy, you would like to endow an annual scholarship at your Alma mater. You want it to be memorable, so you would like the scholarship to be $20,000 per year. If the university earns 8% on its investments, and if the first scholarship is to be given out in one year’s time, how much will you need to donate to create the scholarship fund?

Answer 1

Step-by-step explanation:

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