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4. A scholarship fund currently has $20,000 in it. It earns 4% interest every year and 10% of the fund is given in scholarships
4. A scholarship fund currently has $20,000 in it. It earns 4% interest every year and 10% of the fund is given in scholarships every year. Also, $12,000 is added to the fund each year from contributions. a) Give the difference equation and solve it. b) What percentage of the fund should be given in scholarships every year so that the fund reaches a maximum of $100,000?
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
15th edition
77861612, 1259194078, 978-0077861612, 978-1259194078
