Provide scholarship money

Assignment Help Accounting Basics

Reference no: EM13756415

An Alumnus of West Virginia University whishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If the size of each donation is exactly the same, the amount that must be donated each year at I = 8% per year is closest to:

$190,820
$122,280
$127,460
$132,040

How much must be deposit in your retirement account each year for 10 years starting now if you want to be able to withdraw $50,000 per year forever beginning 30 years from now? Assume the account earns interest at 10% per year.

$4,239
$4,662
$4,974
$5,471

Reference no: EM13756415

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