You have become the next high-tech startup success! You made a fortune and now decided to give

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You have become the next high-tech startup success! You made a fortune and now decided to give back to the USC community. You are planning on setting up a fund to provide 10 full-ride scholarships (tuition and living) each year. Assume the first-year tuition cost is $61,000 and is expected to increase every year following a 3% growth rate. The cost of living in Los Angeles for a student, in this scholarship, is estimated to be $32,000 currently, increasing with the same growth rate each year due to inflation. You can set up a venture fund that is expected to pay 7% per year. Calculate the amount of money you must leave for your scholarship fund to last forever.

Posted Date: Oct 30, 2021 09:27 PM

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You have become the next high-tech startup success! You made a fortune and now decided to give

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Given that Given Information No of scholarships each year 10 Firstyear t... View the full answer

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