Question $1$

$2$ pts

Your grandfather wants to establish a scholarship fund to sponsor one Humboldt State University business student each year in perpetuity using some of his estates. If he wants the cash award to be $$12,351\mathrm{.}00$ per year and his scholarship fund could earn $10\mathrm{.}67\%$ per year, how much total money would he need today to create this fund? $$

$$115,754\mathrm{.}45$

$$135,432\mathrm{.}71$

$$101,863\mathrm{.}92$

$$118,069\mathrm{.}54$

$$130,802\mathrm{.}53$