1. You have $200,000 to donate to your college. You want to endow a perpetual scholarship that makes its first payment in one year. If the college's discount rate is 66%, how large will the annual scholarship payment be? The annual scholarship payment will be$_? 2. You are thinking of purchasing a house. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 9% per year. What will be your annual payment if you sign this mortgage? 3. You want to endow a scholarship that will pay S11,000 per year forever, starting one year from now. If the school's endowment discount rate is 6%, what amount must you donate to endow the scholarship? The amount you must donate is $? 4.You are saving for retirement. To live comfortably, you decide you will need to save $2 million by the time you are 65. Today is your 24th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 3%, how much must you set aside each year to make sure that you will have $2 million in the accournt on your 65th birthday