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A wealthy person wants to support academic research by endowing a chair in finance at your university. How much money does this person have to
A wealthy person wants to support academic research by endowing a chair in finance at your university. How much money does this person have to donate to the university today so that the endowment pays $1,000,000 today plus $100,000 at the end of every year forever? Assume an interest rate of 8.88% per year. Enter your answer rounded to the nearest dollar
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