Problem
A rather wealthy man decides to arrange for his descendants to be well educated. He wants each child to have $60,000 for his or her education. He plans to set up a perpetual trust fund so that six children will receive this assistance in each generation. He estimates that there will be four generations per century, spaced 25 years apart. He expects the trust to be able to obtain a 4% rate of return, and the first recipients to receive the money 10 years hence. How much money should he now set aside in the trust?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.