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National Research Council is considering the establishment in perpetuity of a Visiting Professor chair at UOIT. The ongoing cost will be $12 500 at the

National Research Council is considering the establishment in perpetuity of a Visiting Professor chair at UOIT. The ongoing cost will be $12 500 at the end of each month. If the money can earn 8% compounded monthly in perpetuity, what endowment is required to fund the position?

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