Homework: HW 5(e) Save Score: 0 of 10 pts 2 of 5 (0 complete) HW Score: 0%, 0 of 100 pt P5-27 (similar to) Question Help Creating an endowment Personal Finance Problem On completion of her introductory finance course, Maria Lee was so pleased with the amount of useful and interesting knowledge she gained that she convinced her parents, who were wealthy alums of the university she was attending to create an endowment. The endowment is to allow three needy students to take the introductory finance course each year in perpetuity. The guaranteed annual cost of tuition and books for the course is $1,400 per student. The endowment will be created by making a single payment to the universily. The university expects to earn exactly 7% per year on these funds a. How large an initial single payment must Maria's parents make to the university to fund the endowment? b. What amount would be needed to fund the endowment if the university could earn 11% rather than 7% per year on the funds? a. The initial single payment must Marta's parents make to the university to fund the endowment is $11. (Round to the nearest color) Enter your answer in the answer box and then click Check Answer part Clear AN