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Part 1.

Part 2.

(Time value of money) Steve Smith wishes to endow a scholarship that will pay $15,000 forever with the first award to be made right away. If the rate of return on the endowment is 4%, how much is needed to fulfill the award? Not enough information is given to decide. 15,000 390,000 375,000 (Time value of money) A firm presently has net income of $150,000. It expects short term growth to be 7.5% for 2 years and then trend down to the long term industry average of 3.5% thereafter. What is the value of net income projected to be in 8 years? 205,285.36 247,983.48 213,083.73 357,732.05