You have $500,000 to donate to your college. You want to endow a perpetual scholarship that makes its first payment in one year. If the college's discount rate is 6%, how large will the annual scholarship payment be? The annual scholarship payment will be $ . (Round to the nearest dollar.) You have decided to buy a perpetual bond. The bond makes one payment at the end of every year forever and has an interest rate of 5%. If the bond initially costs $1,000, what is the payment every year? The payment at the end of each year is $ 1. (Round to the nearest dollar.) You are thinking about buying a savings bond. The bond costs $54 today and will mature in 12 years with a value of $108. What annual interest rate will the bond earn? The bond will earn an annual rate of %. (Round to two decimal places.)