You would like to endow a scholarship for MFE students at CityU. You plan on giving $100,000 to the university for this purpose. Every year for all time, the scholarship will pay an award to one lucky student. These awards are scheduled to start next year (at End-of-Year 1). To keep up with the rising cost of tuition, the award will grow at a rate of 4% a year after the first year. If the university will invest your endowment in savings account that earns 5.1% interest, the award at End-of-Year 1 is closest to: O $1,500 $1,100 $1,200 $1,000 $1,300