Maria and Elena both graduated from UCF and they would like to contribute to UCF's annual fund. The endowment fund earns $7\%$ interest compounded annually.

Maria will donate $$300$ at the end of each year for the next $10$ years.

Elena prefers to give one lump sum today. What lump sum can she give today so that in $10$ years time the value of both people's contributions will be the same?

To figure this out, what formula should you use?

the present value of an ordinary annuity

the future value of an ordinary annuity

the compound growth formula

the amortization payment formula