If You Want to Be Able to Set Up a Scholarship

question 2

Multiple Choice

If you want to be able to set up a scholarship fund that will last forever and you feel that you can earn 4.8% compounded annually. How much money do you have to deposit today in order to be able to provide 6 scholarships of $3000 each?

• A) $735 000.00
• B) $375 000.00
• C) $37 500.00
• D) $357 000.00
• E) $333 000.00