1. A scholarship endowment has a balance of $500,000. Five 1-year scholarships are to be awarded each year, with the first disbursements of $2,500 per scholarship coming on year from now. The endowment earns a 6% annual interest. If the scholarships are to be offered in perpetuity and the scholarship board wishes to raise the amount of the scholarships by a constant percentage amount each year, what amount of growth is feasible each year? PLEASE SHOW WORK