You have $100,000 to donate to your college. you want to endow a perpetual scholarship that makes its first payment in 1 year. if the college's discount rate is 4%, how large will the annual scholarship payment be? berk, jonathan; demarzo, peter; harford, jarrad (2017-01-18). fundamentals of corporate finance (berk, demarzo & harford, the corporate finance series) (page 121). pearson education. kindle edition.