Make annual scholarship payments forever

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Reference no: EM131873232

Imari wants to establish a charitable foundation that will make annual scholarship payments forever. Imari wants the foundation to make the first annual scholarship payment in 4 years from today, she wants that first scholarship payment to be 15,840 dollars, and she wants annual scholarship payments to increase by 4.49 percent per year forever. To fund the foundation, Imari plans to make equal annual savings contributions for 3 years. How much does Imari need to save each year for 3 years to have exactly enough in the foundation to meet her goal if she makes her first savings contribution later today, all savings contributions are equal, and her expected return is 15.1 percent per year?

Reference no: EM131873232

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