How long will it take $ $45$ comma $000$ placed in a savings account at$10\%$ interest to grow into $ $70$ comma $000?$

$$You have $$$$100$ comma $000$ to donate to your college. You want to endow a perpetual scholarship that makes its first payment in $1$ year. If the$$ college's discount rate is $4\%,$ how large will the annual scholarship payment$$ be$?$

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Part $1$

The annual scholarship payment will be $$