You wish to establish an endowment fund that will provide student financial aid awards every month, perpetually. To finance the scholarships you will make a series of equal deposits into a savings account. The deposits will be made monthly equal to $3,000 each, with the first one today and the final one in 5 years. The first award is to be granted one month after the last deposit. The savings rate is 6.80% compounded monthly. How much is each award? $1,839 $1,235 $1.382 $1,026 $1.520