Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help. thank you in advance XYZ wants to establish a charitable foundation that will make annual scholarship payments of $20,000 per your forever. XYZ

please help. thank you in advance image text in transcribed
XYZ wants to establish a charitable foundation that will make annual scholarship payments of $20,000 per your forever. XYZ wants the foundation to make the first annus 530,000 scholarship payment in your from today and she wants scholarship payments of $20.000 per year to continue every year after for payment. To fund the foundation, XYZ plans to make equal anual donations to the foundation for years. How much does XYZ need to donate to the foundation each year for years to have exactly enough in the foundation to make the planned annual scholarship payments if she makes her first donation to the foundation today all annual donations to the foundation we equal and funds held by the foundation are expected to a 7 percent per year? a. An amount equal to or greater than $30.000 but less than 140,000 . An amount equal to or greater than 42.000 but less than $54.000 c. An amount equal to or greater than 540.000 but less than 2,000 d. An amount equal to or greater than 162,000 but less than 570,000 An amountless than $30,000 or an amount equal to or greater than 70.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook For Surviving The Global Financial Crisis

Authors: Barbara Goldsmith

1st Edition

1514811995, 978-1514811993

More Books

Students also viewed these Finance questions