You have 100,500 on your bank account and you can save another 50,000 at the end of each year. If the annual interest rate is 7.25%, in how many years will you have 600,000? You decide to build an endowment to fund a scholarship for foreign students. You want it to last forever and to pay 19,000 in real terms in scholarships each year starting in three years. If the endowment earns an annual real return of 5%, how large should it be today