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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
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 the end of the fifth year. The rate of interest is expected to be 9 percent in all future periods. How much must Entertainers Aid deposit each year to accumulate to the required amount?
a | $8,568,980 |
b | $5,569,479 |
c | $3,333,333 |
d | $1,830,275 |
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