You want to endow a scholarship that will pay $7,000 per year forever, starting one year from now. If the schools discount rate is 6%, what amount must you donate to endow the scholarship? How would your answer change if you endow it now, but it makes the first award to a student 10 years from today?

In the first case, the amount you must donate today is? Round to nearest cent

How would your answer chance if you endow it now, but it makes the first award to a student 10 years from today?

In this case, the amount you must donate is? Round to nearest cent