Twenty years from now you look back on your successful career and decide to endow a scholarship
Fantastic news! We've Found the answer you've been seeking!
Question:
Twenty years from now you look back on your successful career and decide to endow a scholarship in memory of your favorite finance professor who made it all possible but was, unfortunately, eaten by a shark in a freak accident at the aquarium.
You want to help future students with an annual scholarship of $3,137 per year, forever.
Assuming the school invests scholarship endowments at an annual 3.1%, and that there are no transaction costs, how much money (lump sum) do you have to gift the school in order to fund this scholarship?
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
Posted Date: