Business, 15.04.2020 17:21 1074885

A wealthy art collector has decided to endow her favourite art museum by
establishing funds for an endowment which would provide it with $1,000,000 per
year for acquisitions into perpetuity. The art collector will give 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% in all future periods. How much must the art
collector deposit each year for the next 10 years to accumulate the required
amount?
A. $1,575,333
B. $736,000
C. $943,396
D. $1,264,466
E. $2,264,466

Answers: 3

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A wealthy art collector has decided to endow her favourite art museum by
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