Intro

Maine Business School alumni recently established an endowment fund that will provide annual

scholarships of $$12,000$ for $20$ years. The fund will pay the first scholarship $1$ year from now. The fund

can earn annual rate of return at $9\%$ managed by professional money managers.

Part $1$

Attempt $\frac{1}{3}$ for $6\mathrm{.}7$ pts$.$

How much money shoud be put into the fund today?