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Assuming in twenty years after graduating from ERAU you becomeextremely wealthy. You want to give back to your school andestablish a scholarship endowment that will pay $200,000 per yearin perpetuity to support ERAU students in need. Assume aconservative rate of return of 5% per year.1. If the first payment will be made in one year afterestablishing the endowment, how much should you invest in it?2. How much do you need to invest in the endowment if you wantthe first payment to be made in 6 years from establishing it?3. In how many years your endowment will be depleted?4. If you plan to save for this endowment (first payment in oneyear) over 15 year period and your expected personal rate of returnis 12%, how much should you invest every year? Assume equal annualpayments.