To benefit the ISU College of Business, Bill Vickers would like to establish a perpetual scholarship fund that will pay for MBA tuition and fees worth $210,000 per year. The funds first payment to ISU will be issued exactly 13 years from today. If the scholarship fund earns an annual return of 4.1 percent, how much must Mr. Vickers deposit today to establish it?

Multiple Choice

• $5,121,951.22

• $4,268,292.68

• $3,162,471.96

• $4,727,954.97

• $2,918,268.35