A university alumni group wishes to provide an annual scholarship in the amount of $1,800 beginning next year. If the scholarship fund will earn an interest rate of 9% / year compounded continuously, find the amount of the endowment the alumni are required to make now.
A) $20,473
B) $20,000
C) $19,672
D) $19,017

Question

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The Answer of A university alumni group wishes to provide an annual scholarship in the amount of $1,800 beginning next year. If the scholarship fund will earn an interest rate of 9% / year compounded continuously, find the amount of the endowment the alumni are required to make now.
A) $20,473
B) $20,000
C) $19,672
D) $19,017

A University Alumni Group Wishes to Provide an Annual Scholarship