Dave Decides to Donate $10,000 to UWO in Order to Set

Dave decides to donate $10,000 to UWO in order to set up scholarship fund.The first scholarship will be $R,payable one year from now,with each succeeding annual scholarship being $50 higher.If j₁ = 7%,what is R?

A) $750
B) $700
C) $650
D) Dave does not have enough money to fund this scholarship