courses / MATH 154 (LEC Q1 R1 Winter 2022) / Final Exam 50% / A donor of the University of Alberta wants to establish a scholarship that pays out each year (beginning next year) to a student an amount that has the same purchasing power as $1,000 today. Because of inflation, a dollar in one year has less purchasing power than a dollar today. We assume that the yearly inflation rate is 2%. This means that in 10 years, you will need $1.02 to buy the same as you could today for $1. If the annual effective rate of interest is 6% compounded continuously, how much money does the donor need to fund the endowment? (Enter your answer rounded to the nearest dollar. ) Answer: $ Check