You wish to endow a scholarship to be awarded to a student attending the college...
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Finance
You wish to endow a scholarship to be awarded to a student attending the college you remember so fondly. If you want the amount to be $2,000 next year, with a 3% increase each year to cover rising costs, how much do you need to donate today to ensure that the scholarship will last forever? The college will invest the funds you donate at 8.00% per year.
A.
$22,222
B.
$40,000
C.
$50,000
D.
$60,000
E.
$66,667
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