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A worthy person wants to support academic research by endowing a chair in finance at...

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Finance

A worthy person wants to support academic research by endowing a chair in finance at your university. How much money does this person have to donate to the university today so that the endowment pays $100,000 a year forever? Assume an interest rate of 8%. Enter your answer rounded to the nearest dollar (ex. $5,400,433.32 = 5,400,433)

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