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What smaller scholarship can be awarded the year prior to

1. 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 scholarships paid out each January 1.

(a) In what year can the rst $5; 000 scholarship be made?

(b) What smaller scholarship can be awarded the year prior to the rst $5; 000 scholarship?

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Accounting Basics: What smaller scholarship can be awarded the year prior to

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