Georgian College is considering the establishment of a $1 million endowment held in perpetuity for the chair

Question:

Georgian College is considering the establishment of a $1 million endowment held in for the chair of the Henry Bernick Entrepreneurship Centre. The ongoing cost would be $6500 at the end of each month. What monthly compounded nominal rate of return must be earned to fully fund the endowment?
Perpetuity
Perpetuity refers to payments that are made without an end or maturity date. A perpetuity is classified as an annuity, which is something that earns a dividend or receives a payment at a regularly scheduled interval, generally yearly. So, how...