You have decided to endow your favorite university with a scholarship. It is expected to cost ?$8, 000 per year to attend the university into perpetuity. You expect to give the university the endowment in 8years and will accumulate it by making equal annual? (end-of-year) deposits into an account. The rate of interest is expected to be 12?%
for all future time periods.
a. How large must the endowment? be?
b. How much must you deposit at the end of each of the next 8years to accumulate the required? amount?
a. The endowment will be ?$_______? (Round to the nearest? cent.)