A scholarship pays $1000 at the end of first year,$1200 at the end of the second year,$1400 at the end of the third year,etc.Immediately after the 4^th scholarship payment is made,the scholarship fund is refinanced at j₁ = 4%.How much money is needed at that time to make sure the payments can continue in this fashion forever?

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The Answer of A scholarship pays $1000 at the end of first year,$1200 at the end of the second year,$1400 at the end of the third year,etc.Immediately after the 4^th scholarship payment is made,the scholarship fund is refinanced at j₁ = 4%.How much money is needed at that time to make sure the payments can continue in this fashion forever?

A Scholarship Pays $1000 at the End of First Year,$1200