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Romandy Whale Watching Tours (RWWT) invests a portion of its earnings into a scholarship fund for students interested in studying marine biology. It would like
Romandy Whale Watching Tours (RWWT) invests a portion of its earnings into a scholarship fund for students interested in studying marine biology. It would like to determine how much it would need to set aside to make scholarship awards for the next 6 years. At the end of year 1, RWWT would like to award a $3,000 scholarship; each year, it will increase the amount of the scholarship by $2,000. How much money should RWWT invest, assuming the money is invested in an account that earns 6% compounded annually? Click here to access the TVM Factor Table calculator. $ Carry all interim calculations to 5 decimal places and then round your final answer to a whole number. The tolerance is 10
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