It is desired to set up an endowment fund that would award a student with a scholarship

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It is desired to set up an endowment fund that would award a student with a scholarship of $500 at the end of each year.The scholarship will continue in perpetuity.The rate of interest is 6% compounded semiannually, and the first award will be made one year from today.How much (to the nearest dollar) must be invested today?

Posted Date: May 18, 2024 10:06 PM

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It is desired to set up an endowment fund that would award a student with a scholarship

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