A Scholarship Fund Is Set Up with a Lump Sum

question 71

Multiple Choice

A scholarship fund is set up with a lump sum payment of $A today.The fund will make a payment at the end of every year.The payments are: $60,$140,$220,…..If j = 8%,what is A?

• A)$14,310
• B)$13,250
• C)$11,205
• D)$10,375