Question
You would like to fund a scholarship that will pay $10,000 every 6 months to a deserving student. The scholarship will be awarded for the
You would like to fund a scholarship that will pay $10,000 every 6 months to a deserving student. The scholarship will be awarded for the first time in December of 2022 (21 months from today). The donor decides that the scholarship should be provided in perpetuity. The MD Foundation manages investments like this for the Business School. The Foundation anticipates earning an APR of 6% per year on the invested funds, compounded monthly. What is the amount of the donation rounded to the nearest dollar that must be given to the MD Foundation today to fully endow this scholarship?
(Give your answer in whole dollars, e.g., $50.7362 should be entered as 51)
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