7. A donor gives 16 million dollars to her alma mater and specifies that it is to be used to fund annual freshmen scholarships for the next 20 years. The university invests the money in an account with an annual interest rate of 6.2% compounded annually. With such an investment, how much money can the university give in freshmen scholarships each year? Express your answer to the nearest thousand dollars ($1000). If necessary, round any intermediate decimal values in your calculations to at least 4- decimal places (5-decimal places is preferred). Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) Use the formula to find the amount of money the university can give in freshmen scholarships each year. (9 points) Finance Formulas I = Prt FV = P(1 + rt) A=P(1 + rt) S=P(1 + rt) nt P = nt A = P(1+3) FV - P(1+3 (1+ NE P= FV nt + nit 1 A = d = a[(1+" nt FV = d d = nt (1+) 5" - 1 Fv - 1 P. 1-(1+) W1- Po 1-(1+5) @ W = -nt -nt m 1 - P= m = 1-(1+)