Question: Mrs. McTavish wants to establish an annual $8,000 scholarship in memory of her husband. The first scholarship is to be awarded two years from

Mrs. McTavish wants to establish an annual $8,000 scholarship in memory of

Mrs. McTavish wants to establish an annual $8,000 scholarship in memory of her husband. The first scholarship is to be awarded two years from now. If the funds can earn 8.25% compounded annually, what amount must Mrs. McTavish pay now to sustain the scholarship in perpetuity? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Mrs. McTavish must pay $

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