1. Entertainer's Aid is planning eight annual colossal concerts, each in a different nations capital. The concerts would raise funds for an endowment to provide the World Wide Hunger Relief Fund with $32,000,000 per year into perpetuity. The endowment will be finalized at the end of the eighth year. The rate of interest is expected to be 4.25 percent p.a. in all future periods. How much must Entertainers Aid earn and deposit in each of the next eight years to accumulate the required amount?