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You have been working quite some times since you graduated from UCLA, and have gained huge success in your professional career. You would like to

You have been working quite some times since you graduated from UCLA, and have gained huge success in your professional career. You would like to do something for the community and make your life more meaningful. You would set up an endowment to sponsor scholarships for students from low income families. You expect that scholarships can support $35,000 each student for six students per year, and the support can continue forever. If you require the endowment be ready in 8 years, assuming the annual interest rate is 4.5 percent for all future time periods, then

(a) how large must the endowment be?

(b) how much will you deposit each year (assume you make end-of-year deposits)?

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