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An Endowment Fund has a $5.0 million one time commitment in 2018. It expects $7.0 million in annual contributions in 2018 and $3.0 million in

An Endowment Fund has a $5.0 million one time commitment in 2018. It expects $7.0 million in annual contributions in 2018 and $3.0 million in endowment expenses. The current income tax rate is 30%. What is the endowments liquidity requirement?

a) $3.0 million

b) $5.6 million

c) $1.0 million

d) $2.2 million

e) $6.0 million

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