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Entertainers Aid plans 3 annual colossal concerts, each in a different nations capital. The concerts will raise funds for an endowment, which would provide the
Entertainers Aid plans 3 annual colossal concerts, each in a different nations capital. The concerts will raise funds for an endowment, which would provide the World Wide Hunger Relief Fund with $23 (in $ millions) per year into perpetuity. The endowment will be fully funded after 3 years. The rate of interest is expected to be 6% p.a. in all future periods. How much must Entertainers Aid earn and deposit each year (in $ millions, rounded to one decimal place, e.g. $48.9)) to accumulate the required amount? Please round to one decimal place. |
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