Problem $4$

Caterpillar Corporation deposited $$1,400,000$ today in a trust account to be used for uniform annual $($end$-$of$-$year$)$ payment of scholarships for an infinite number of years. The account manager believes that the account can earn $\frac{21}{2}\%$ annual interest during he first $15$ years and $\frac{13}{4}\%$ each of the following years. Determine the amount of the iniform annual scholarship starting at the end of the first year and going on forever.