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1 4 . Entertainer s Aid plans five annual colossal concerts, each in a different nation s capital. The concerts will raise funds for an

14. Entertainers Aid plans five annual colossal concerts, each in a different nations capital. The concerts will raise funds for
an endowment which would provide the World Wide Hunger Fund with $3,000,000 per year into perpetuity. The
endowment will be given at Year 6. The rate of interest is expected to be 9% compounded annually. How much must
Entertainers Aid deposit each year (Year 1 through Year 5) to accumulate to the required amount?
Answer: $5,569,749
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