The local botanical society wants to ensure that the gardens in the town park are properly...
The local botanical society wants to ensure that the gardens in the town park are properly cared for. The group recently spent $100,000 to plant the gardens. The members want to set up a perpetual fund to provide $100,000 for future replantings of the gardens every year. If interest is 5%, how much money would be needed now to forever pay the cost of planting?
A. $162,293
B. $2,100,000
C. $159,000
D. $259,009
Please explain how you got to the solution. Thank you
Homework Answers
Cost per year = $ 100000
r = 5%
Present value of money required = 100000 + 100000/(1 + 5%) + 100000/(1 + 5%)2 + ......
This is an infinite geometric progression (GP) with first term = 100000 and common ratio = 1/1.05
Present value of money required = sum of infinite G.P. = 100000/(1 - 1/1.05) = $ 2100000
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