A university alumni group wishes to provide an annual schola

A university alumni group wishes to provide an annual scholarship in the amount of $1100 beginning next year. If the scholarship fund will earn an interest rate of 8%/year compounded continuously, find the amount of the endowment the alumni are required to make now. (Round your answer to the nearest dollar.)

Solution

endowment = 1100/0.08 = 13750 dollars
A university alumni group wishes to provide an annual scholarship in the amount of $1100 beginning next year. If the scholarship fund will earn an interest rate

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