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After many years teaching finance at Capilano University, Allen wants to establish a scholarship to offer 4 $1,000 awards each year to students whose performance
After many years teaching finance at Capilano University, Allen wants to establish a scholarship to offer 4 $1,000 awards each year to students whose performance is excellent in finance courses. If the university can negotiate a 12.75% effective interest rate, at least how much does Allen need to endorse over to the scholarship (closest estimate)? A) $32,000 B) $31,000 C) $31,500 D) $32,500
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