Business, 07.03.2020 03:29, gabypinskyb8045

G A wealthy singer has decided to endow her favorite hospital by establishing funds for an endowment which would provide the hospital with $2,000,000 per year for medical research into perpetuity. The singer will give the endowment upon her 45th with the first payment on that birthday. She plans to accumulate the endowment by making annual equal deposits into an account from her 20th birthday until her 44th birthday. The rate of interest is expected to be 5 percent in all future periods. How much must the singer deposit each year to accumulate to the required amount?

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G A wealthy singer has decided to endow her favorite hospital by establishing funds for an endowment...