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Create a scholarship program

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Reference no: EM133057525

Miranda would like to donate some money today to her alma mater to create a scholarship program that awards $5,000 annually to one worthy student. The first award will be made four months from today. If the annual percentage rate is 12% compounded monthly, how much must Miranda donate today if she wants the scholarship program to continue to award $5,000 annually forever, even after she is no longer around? (rounded to the nearest $)

X A: $41,667

X B: $45,199

X C: $42,691

X D: $39,424

X E: $44,492

Please let me know the correct option with proper step-by-step workings and explanations.

 

 

Reference no: EM133057525

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