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If the college wishes to receive at the end of each year a

In May 2010, Grace Groner donated $7,000,000 to Lake Forest College. Suppose the college created an endowment that can generate an annual cash flow that could be used to finance student scholarships. Also, suppose the college invests this money in an account that pays 4% per year. If the college wishes to receive, at the end of each year, a cash flow that grows at 3% per year for 100 years, what would be the cash flow for the first year?

A. $134456

B. 113,000

C. 117,656

D. 106,949

E. None of above

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Finance Basics: If the college wishes to receive at the end of each year a

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