Why does N= 500 in this question?

36. (LO 5.4) Grace, a retired librarian, would like to donate some money to her alma mater to endow a $ 5,000 annual scholarship. The first scholarship will be awarded in five years. The university will manage the funds and expects to earn 3 percent per year. How much will Grace have to donate so that the endowment fund never runs out? N=500, i/y= 3, pmt=5000 0 pv=166,667 Fv=166667, i/y=3, n=4 pv=148081 see calculation on the slide