Midstate Medical Center is starting an endowment fund to pay for the expenses of a medical research program. The expenses are $2,000,000 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 9 percent per year, what should be the initial size of the endowment?

Answer rating: 100% (QA)

To calculate the initial size of the endowment that would be needed to fund the me... View the full answer