Question: Johnson C. Smith has asked you to start a marching band endowment to fund scholarships for inner city kids. This endowment will supply $100,000 in

Johnson C. Smith has asked you to start a marching band endowment to fund scholarships for inner city kids. This endowment will supply $100,000 in scholarship annually. There is no end date for this endowment and it is expected to grow 4% annually with an interest rate of 8%. In order to properly fulfill the objections set forth with this endowment how much funding is needed to kick start this endowment?

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