A Tel Avi alumnus wishes to endow a Professorship in International Human Rights. If the return on the endowment is 4% how much must he set aside today to provide the following end-of-year payment alternatives? a) $150,000 per year in perpetuity. b) $150,000 per year for thirty years. c) A perpetuity that pays $150,000 at the end of the first year, growing at 2% per year thereafter. d) A thirty-year commitment starting the end of year 1 at $150,000 and growing at 2% per year. e) What conclusions can be drawn about the amount of money required up front for a growth a growth versue a no growth series of payments?