A wealthy benefactor wants 10 establish an endowme nt to pay forever the salary of one university faculty member and the tuition. fees. and books for ten undergraduates. The salary for the endowed faculty memberis $96,000 per year, payable monthly commencing at the end of the first month of employment. Tuition. fees. and books total $2.000 per studcnt per quarter. payable at the start of each quarter. Assume the schol arships will be awarded for the summer quarter as well as the three academic year qu arters. If the endowment ea rns 6% compounded monthly. what amount will have to he set aside'! Show the cash flow diagram
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