Answer:
The amount to be deposited one time is $6,800.
Explanation:
This can be calculated using the following formula:
M = D * r ..................... (1)
M = Monthly amount to be sending to the alumni association = $17
D = Amount to be deposited one time = ?
r = Monthly interest rate = Annual interest rate / 12 = 3.0% / 12 = 0.03 / 12 = 0.0025
Substituting the values into equation (1) and solve for D, we have:
$17 = D * 0.0025
D = $17 / 0.0025
D = $6,800
Therefore, the amount to be deposited one time is $6,800.
