The presidentof the E. L. Echo Corporation thoughtit would
Chapter , Problem 5-54(choose chapter or problem)
The presidentof the E. L. Echo Corporation thoughtit would be appropriate for his firm to endow achair in the Department of Industrial Engineeringof the local university. If the professor holding thechairwill receive $134,000per year,and the interestreceived on the endowment fund is expected to be8%, what lump sum of money will the Echo Corpo-ration need to provide to establish the endowmentfund?
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