Favourite art museum by establishing funds

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Reference no: EM131333839

A wealthy art collector has decided to endow her favourite art museum by establishing funds for an endowment which would provide it with $1,000,000 per year for acquisitions into perpetuity. The art collector will give the endowment upon her fiftieth birthday 10 years from today. She plans to accumulate the endowment by making annual end-of-year deposits into an account. The rate of interest is expected to be 6% in all future periods. How much must the art collector deposit each year for the next 10 years to accumulate the required amount?

A. $1,575,333

B. $736,000

C. $943,396

D. $1,264,466

E. $2,264,466

Reference no: EM131333839

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