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Seaside Medical Center is starting an endowment fund to pay for the expenses of a...

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Finance

Seaside Medical Center is starting an endowment fund to pay for the expenses of a community outreach pediatric program. The expenses are $500,000 per year and the program is expected to last for ten years. Assuming payments are made at the end of each year and the interest rate is 6.5 percent per year, what should be the size of the initial endowment?

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