Question: How much does Laura need to donate to a trust each year for 7 years to have exactly enough in the trust to be able
How much does Laura need to donate to a trust each year for 7 years to have exactly enough in the trust to be able to make scholarship payments of $9,450.00 per year forever? The first annual $9,450.00 scholarship payment will be made in 8 years from today. To fund the trust, Laura plans to make equal annual savings donations to the trust for 7 years. Her first donation to the trust will be made in one year from today. The expected return for the trust is 17.18 percent per year.(Round the value to 2 decimal places)
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