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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Scholarship Fund You want to start a scholarship fund at your alma mater. You plan to give one $21,000 scholarship annually beginning one year from now, and you have at most $325,000 to start the fund. You also want the scholarship to be given out indefinitely. Assuming an annual interest rate of 7% compounded continuously, do you have enough money to start the scholarship fund?

To determine

Whether the money is enough or not to start the scholarship fund, if the annual scholarship is $21,000, annual interest rate is 7% and the available fund is $325,000.

Explanation

Given Information:

The provided data is,

Annual scholarship is P=$21,000

Interest rate is r=7%

And the total fund is $325,000.

Consider the provided data,

Annual scholarship is P=$21,000

Interest rate is r=7%

And the total fund is $325,000.

Recall the expression for present value.

Present value=Pr

Interest rate in decimal form is:

r=7%=7100=0

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