(3) Suppose $40,000 was invested on January 1, 1980 at an annual effective in- terest rate of 7% in order to provide an annual (calendar-year) scholarship of $5,000 each year forever, the scholarships paid out each January 1. (a) In what year can the first $5,000 scholarship be made? (b) What smaller scholarship can be awarded the year prior to the first $5,000 scholarship