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You wish to establish an endowment fund that will provide students with a $7,762 scholarship every quarter , perpetually. To finance the scholarships you will

You wish to establish an endowment fund that will provide students with a $7,762 scholarship every quarter, perpetually. To finance the scholarships you will make a series of equal deposits into a savings account. The deposits will be made quarterly, with the first one today and the final one in 3 years. The first scholarship is to be awarded one quarter after the last deposit. The savings rate is 5.48% compounded quarterly. How much should your deposit be?

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