Question: Anna, an engineer, has made a considerable fortune. She wishes to start a perpetual scholarship for engineering students at her alma mater. The scholarship will

Anna, an engineer, has made a considerable fortune. She wishes to start a perpetual scholarship for engineering students at her alma mater. The scholarship will provide a student with an annual stipend of $2,500 for each of four years, plus an additional $5,000 during the fourth year to cover job search expenses. Assume that students graduate in four years, a new reward is given every four years, and the money is paid at the beginning of each year with the first award at the beginning of Year 1. The interest rate is 8%.

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