Create scholarship fund by making annual savings donations

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Reference no: EM131570362

April wants to create a scholarship fund by making annual savings donations to the fund for several years before the fund starts making annual scholarship payments forever. She plans to save 18,900 dollars per year in the fund for 5 years. Her first savings donation to the fund is expected later today. How much can the fund be expected to provide each year for scholarships if the fund is expected to earn 11.44 percent per year, make equal, fixed scholarship payments forever, and make its first scholarship payment in 6 years from today?

Reference no: EM131570362

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