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The Amount of an Endowment Mel Thompson wishes to establish a fund to provide a university...

The Amount of an Endowment

Mel Thompson wishes to establish a fund to provide a university medical center with an annual research grant of $70,000 beginning next year. If the fund will earn an interest rate of 9%/year compounded continuously, find the amount of the endowment he is required to make now. (Round your answer to the nearest dollar.)

Math   Calculus   
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