Business, 20.06.2020 18:57, jackchelly

Pelin wants to establish a charitable foundation that will make annual donations to GMU forever. Pelin wants the foundation to make the first annual donation payment to GMU in 7 years from today, she wants that first donation payment to be $27,000, and she wants annual donations to GMU to increase by 1.6 percent per year forever. To fund the foundation, Pelin plans to make equal annual savings contributions to the foundation for 6 years. How much does Pelin need to contribute to the foundation each year for 6 years to have exactly enough in the foundation to meet her goal if she makes her first contribution to the foundation in one year from today, all savings contributions to the foundation are equal, and funds held by the foundation are expected to earn 8.1 percent per year? A. $58,805 (plus or minus $10)

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Pelin wants to establish a charitable foundation that will make annual donations to GMU forever. Pel...