8. Tom Winston wishes to set up a perpetual scholarship worth $2400 annually for a deserving BBA student. He will deposit a single lump sum into a special account today to provide for the scholarship. The account pays an annual rate of interest of 5.2%. a) Find the amount Tom should deposit today (present value) if the $2400 scholarship is paid at the end of each year with the first payment being made one year from today. (2 points) b) Find the present value of the cash flow if the payments are made at the beginning of each year. (2 points)