Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account that pays 12% per year based on the following schedule. Year 0 Deposit $100 Year 1 Deposit 90 Year 2 Deposit 80 Year 3 Deposit 70 Year 4 Deposit 60 Year 5 Deposit 50 Year 6 Deposit 40 If the first scholarship is to be awarded one year after the first deposit is made and thereafter the award will be given indefinitely. 

What is the scholarship amount?