Establish the endowment fund

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Reference no: EM131807181

The president of the E. L. Echo Corporation thought it would be appropriate for his firm to "endow a chair" in the Department of Industrial Engineering of the local university. If the professor holding the chair will receive $134,000 per year, and the interest received on the endowment fund is expected to be 8%, what lump sum of money will the Echo Corporation need to provide to establish the endowment fund?

Reference no: EM131807181

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