Your Company wish to establish a PhD University Scholarship of GHc 2,000 paid at the end of each year for deserving students as an alumnus at the School you attended. You would like to make a lump-sum...

Your Company wish to establish a PhD University Scholarship of GHc 2,000 paid at the end of each year for deserving students as an alumnus at the School you attended. You would like to make a lump-sum gift to the school to fund the scholarship into infinity.  The school's treasurer assures you that they will earn 7.5% every year continually.

Required:

1) Your company Human Resource department has just notified you that you have less than three years to retirement and you need to save GHc 37,000 over the next 15years to fund your three-year-old pension daughter university If you make equal annual end-of-year deposits into an investment that earns 7% annual interest, how large must this deposit be?