Multiple Choice
A wealthy inventor has decided to endow her favorite art museum by establishing funds for an endowment which would provide $1,000,000 per year for researchforever.The scientistShe will fund the endowment upon her fiftieth birthday 10 years from today.She plans to accumulate the endowment by making annual end-of-year deposits into an account.The rate of interest is expected to be 6 percent in all future periods.How much must the scientist deposit each year to accumulate to the required amount?
A) $1,575,333
B) $736,000
C) $1,264,446
D) $943,396
Correct Answer:
Verified
Correct Answer:
Verified
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