A generous alum would like to establish an endowment that would sponsor a student organization's conferences in perpetuity. A one-time cost of $500,000 must be paid today to purchase supplies for the conference. The conference is held once every four years and costs $90,000. The first conference will take place at the end of year 4. The alum's gift is invested in an account that earns 4% annually. How much would the alum need to place in the endowment to be able to sponsor the student organization's conferences?

A generous alum would like to establish an endowment that would sponsor a student organization's conferences in perpetuity. A one-time cost of $500,000 must be paid today to purchase supplies for the conference. The conference is held once every four years and costs $90,000. The first conference will take place at the end of year 4. The alum's gift is invested in an account that earns 4% annually. How much would the alum need to place in the endowment to be able to sponsor the student organization's conferences?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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