PIEAS was provided an endowment fund with $15,000,000 in July 2012. In July 2016, $4,000,000...
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PIEAS was provided an endowment fund with $15,000,000 in July 2012. In July 2016, $4,000,000 was expended for facilities, and it was decided to provide $350,000 at the end of each year forever to cover operating expenses. The first operating expense is in July 2017, and the first replacement expense in July 2016. If all money earns interest at 6% after the time of endowment, what amount would be available for the capital replacements at the end of every fifth year forever?
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