Hi Id like help with this question please Thanks A wealthy p

Hi, I\'d like help with this question, please. Thanks!

A wealthy patron of a small private college wishes to endow a chair in mathematics with a gift of G thousand dollars. Suppose the mathematician who occupies the chair is to receive $110 thousand dollars per year in salary and benefits. If money costs 5% per year compounded continuously, what is the smallest possible value for G? G = thousand dollars

Solution

Let\'s assume the $110,000 doesn\'t have to be paid until the end of the year.

G + 110 = Ge^(0.05)
110 = 0.513 G
G = 110/0.0513 = 2144.25
The minimum integer value of G is 2144
(i.e., $2,144,000)