What smaller scholarship can be awarded the year prior

Reference no: EM13279372

Suppose $40,000 was invested on January 1, 1980 at an annual effective interest rate of 7% in order to provide an annual(calendar year) scholarship of $5,000 each year forever, the scholarship paid out each January 1. What smaller scholarship can be awarded the year prior to the first $5,000 scholarship?

Reference no: EM13279372

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