1. You have gained huge success in your professional career. You would set up an endowment to sponsor scholarships for students from low income families. You expect that scholarships can support $50,000 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 3.5 percent for all future time periods, then

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