You would like to establish a fund that will be used to offer a scholarship each year to a worthy student at your alma mater. You would like the total annual award to be $$5,000,$ with the first award to be presented today. Your alma mater is able to invest the funds at a constant, annual, tax$-$free rate of $8\%.$ How much must you donate today to fund this award? Round your answer to the nearest dollar.

You would like to establish a fund that will be used to offer a scholarship each year to a worthy student at your alma mater. You would like the total annual award to be $$5,000,$ with the first award to be presented today. Your alma mater is able to invest the funds at a constant, annual, tax$-$free rate of $8\%.$ How much must you donate today to fund this award? Round your answer to the nearest dollar.

$$67,500$

$$51,296$

$$46,296$

$$62,500$