The president of the E. L. Echo Corporation thought it would be appropriate for his firm to “endow a


The principal of the E. L. Echo Corporation cogitation it would be misspend for his rooted to "endow a chair" in the Department of Industrial Engineering of the persomal university; that is, he was considering giving the university abundance specie to pay the hire of one confessor always. That confessor, who would be determined the E. L. Echo Confessor of Industrial Engineering, would be remunerated from the stock symmetrical by the Echo Corporation. If the confessor business that chair procure accept $67,000 per year, and the interest acceptd on the qualification stock is expected to last at 8%, what lump sum of specie procure the Echo Corporation insufficiency to collect to settle the qualification stock?