In 2009, the Canadian federal government committed $1.5 million in annual operating funding for the Canadian Museum for Human Rights in Winnipeg, which opened in 2014. If the government had funded the museum by setting up an ordinary perpetuity in 2009 that could earn prevailing interest rates of 3% compounded annually, how much money would have been required? 18. Amelia's will states that $150,000 is to be set aside into a fund that will make annual payments to her grandson starting when he turns 18 years old. If Amelia dies when her grandson is six years old and the fund can earn 4.9% compounded quarterly, what annual payment will he receive in perpetuity? 19. The Pedernales Electric Cooperative estimates that the present worth now of increased revenue from an investment in renewable energy sources is $12,475,000. There will be no new revenue in years 1 or 2, but in year 3 revenue will be $250,000, and thereafter it will increase according to an arithmetic gradient through year 15. What is the required gradient if the expected rate of return is 15% per year? 20. The City of San Antonio is considering various options for providing water in its 50-year plan, including desalting. One brackish aquifer is expected to yield desalted water that will generate revenue of $4.1 million per year for the first 4 years, after which less production will decrease revenue by 10% per year each year. If the aquifer will be totally depleted in 20 years, what is the present worth of the desalting option revenue at an interest rate of 6% per year?