Question: Consider the scholarship fund in the preceding question. Suppose that the first scholarship award occurs one year from now and the donor wants the scholarship

Consider the scholarship fund in the preceding question. Suppose that the first scholarship award occurs one year from now and the donor wants the scholarship to grow by 2% per year. How much should the donor deposit if the fund earns
a. 6% per period?
b. 8% per period?
Suppose that the first scholarship award occurs five years from now but is to grow at 2% per year alter the fifth year, the time of the first $3,000 award. How much should the donor deposit if the fund earns
c. 6% per year?
d. 8% per year?
Required:
Calculations of present and (or single payments and for annuities, to make the exercises more realistic, we do not give specific guidance with each individual exercise.

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