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2.2.8 A sum of 10,000 was invested on September 1, 1970 at an effec- tive annual interest rate of 5% in order to provide an annual scholarship of 2000 every September 1 forever, starting as soon as possible. In what year will the first payment of 2000 be made? What smaller payment could be made one year earlier while still permitting the annual scholarships of 2000 thereafter? Assume that interest is credited every August 31. 2.2.8 $1161.36 can be paid on September 1, 1999 and $2000 can be paid every September 1 from 2000 on