Question: dont solve using the financial calculator or excel. solve using the formula and draw a time line *1. You have decided to endow your favorite

dont solve using the financial calculator or excel. solve using the formula and draw a time line

*1. You have decided to endow your favorite university with a scholarship. It is expected to cost $6,000 per year to attend the university in perpetuity. You expect to give the university the endowment in 10 years and will accumulate it by making equal annual (end-of-year) deposits into an account. The annual rate of interest is expected to be 10% for all future time periods. a. How large must the endowment be?6000 10.10 = 60000 b. How much must you deposit at the end of each of the next 10 years to accumulate the required amount

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