You are going to set aside some money today in order to fund a scholarship where the first payment is in exactly 6 years. The scholarship will pay $700 per year every year forever. Interest in this account will earn 4.8000000000% compounded quarterly. What is the annually compounded rate that is equivalent to 4.8000000000% compounded quarterly? How much money must be set aside in 6 in order to fund the scholarship? How much money must be invested today in order to fund the scholarship? Answer: Equivalent rate of interest (with units) = Amount of money to fund the perpetuity (with units) Amount of money invested today (with units) =