The individual needs to set up $125,000 ($5000/year). for upkeep of parks.
The required details about interest rate is mentioned in below paragraph.
The amount of interest that must be paid each period is expressed as a percentage of the amount lent, deposited, or borrowed (called the principal sum). With the help of the interest rate formula, we can calculate the interest rate, which is the percentage of the principle sum that the lender or bank would charge the borrower in exchange for using its assets or money for a given period of time.
An interest rate indicates how expensive borrowing is or how lucrative saving is. Interest Rate = (Simple Interest 100)/(Principal Time) is the formula for calculating interest rates.
The annual payment /interest rate equals 5000/0.04
= 125000 for the forever payment present value.
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