Entertainer's aid plans five annual colossal concerts, each in a different nation's capital. The concerts...
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Entertainer's aid plans five annual colossal concerts, each in a different nation's capital. The concerts raise funds for an endowment which would provide the World Wide Hunger Fund with $3,000,000.00 per year into perpetuity. The endowment will be given at year 6. The rate of interest is expected to be 9% compounded annually. How much must Entertainer's Aid deposit each year (year 1 through 5) to accumulate to the required amount? a) $5,569,749 b) $3,333,333 c) $8,568,980 d) $1,830,275
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