Question
It is desired to set up an endowment fund that would award a student with a scholarship of $500 at the end of each year.
It is desired to set up an endowment fund that would award a student with a scholarship of $500 at the end of each year. The scholarship will continue in perpetuity. The rate of interest is 6% compounded semiannually, and the first award will be made one year from today. How much (to the nearest dollar) must be invested today?
a. $33,582 b. $16,667 c. $8334 d. $8211
show your work plz
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Healthcare Fraud Auditing And Detection Guide
Authors: Rebecca S. Busch
2nd Edition
978-1118179802
