Mr. and Mrs. Jackson want to donate enough money to a college to establish a bursary that will pay an annual award of $1,200 annually to a deserving student. Assuming that the donated funds will earn 4% compounded annually, how much should they donate to a) start the payments in one year; or, b) start the payments right away? *

(a)$30,000.00; (b) $31,200.00 (a)$31,200.00; (b) $30,000.00 (a)$25,000.00; (b) $26,000.00 None of the above