Question: PLEASE USE EXCEL TO SOLVE THE FOLLOWING QUESTION AND SHOW ALL WORK. THE CORRECT ANSWER IS IN THE BOX. THANK YOU! You want to endow

PLEASE USE EXCEL TO SOLVE THE FOLLOWING QUESTION AND SHOW ALL WORK. THE CORRECT ANSWER IS IN THE BOX. THANK YOU!

PLEASE USE EXCEL TO SOLVE THE FOLLOWING QUESTION AND SHOW ALL WORK.

You want to endow a scholarship that pays $20,000 per year forever, with the first scholarship award made 20 years from today. If the rate of return on endowment earnings is 6%, how much would you have to donate today to endow the scholarship? The amount you would need to donate today is $ (Round to the nearest cent.)

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