Imagine you are a philanthropist who would like to donate to a charity that provides shelter and assistance to homeless individuals. You would like to donate enough money to the charity to ensure that they can provide shelter for 12 homeless individuals every year in perpetuity. The cost of providing shelter per individual is $60 per day. If your investment fund pays a return of 2% per year, how much do you need to donate to the charity now so that they can provide shelter for 1200 individuals every day in perpetuity? Enter your answer to the nearest cent (two decimal places)

Imagine you are a philanthropist who would like to donate to a charity that provides shelter and assistance to homeless individuals. You would like to donate enough money to the charity to ensure that they can provide shelter for 12 homeless individuals every year in perpetuity. The cost of providing shelter per individual is $60 per day. If your investment fund pays a return of 2% per year, how much do you need to donate to the charity now so that they can provide shelter for 1200 individuals every day in perpetuity? Enter your answer to the nearest cent (two decimal places)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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