A University Alumni Group Wishes to Provide an Annual Scholarship

question 39

Short Answer

A university alumni group wishes to provide an annual scholarship in the amount of $1,900 beginning next year. If the scholarship fund will earn an interest rate of 4% / year compounded continuously, find the amount of the endowment the alumni are required to make now.
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$__________

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Definitions:

Pectoralis Minor

A thin, triangular muscle located beneath the Pectoralis Major in the chest, involved in functions like scapula downward rotation, depression, and anterior tilt.

Rhomboideus Major

A muscle in the back that is involved in moving the shoulder blades and supporting the arm.

Supination

Rotation of the forearm (when the forearm is parallel to the ground) so that the anterior surface is up (supine).

Brachioradialis

A muscle of the forearm that flexes the forearm at the elbow, especially when the forearm is in a midposition between pronation and supination.