As the financial aid assistant at a university, you have been tasked with
setting up a new bursary with a donation from a local business.

• The business would like to offer a $1000 bursary twice per year, at the
beginning of the fall term, and at the beginning of the winter term
(assume 6 months between payments).
• The first bursary will be awarded in 6 months time.
• They would like these two annual bursaries to continue paying in
perpetuity (or at least for the foreseeable future…)
• Your supervisor says that the university’s bursary investment funds
return an average of 6.13% compounded quarterly.

What initial investment amount must the business donate today to fund
the bursary in perpetuity?