The president of the E.L. Echo Corporation decided that his firm would endow a chair in the

Question:

The president of the E.L. Echo decided that his firm would endow a chair in the Department of Mechanical Engineering of the local university. If the professor holding that chair receives $134,000 a year and the interest received on the endowment fund is expected to be 8%, what lump sum of money will the Echo need to provide to establish the endowment fund
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...