Lab Renovation Campaign (Capitalized Equivalent)

Lab Renovation Campaign (Capitalized Equivalent) - an...

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Lab Renovation Campaign (Capitalized Equivalent) Several years ago, the Department of Civil Engineering started a campaign to raise money to renovate the Soils And Materials Laboratory. We estimated costs of $150,000 to renovate the room and $100,000 to update the equipment. We also wanted to establish
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Unformatted text preview: an endowment that would provide $5,000 per year for lab supplies and maintenance plus money to purchase a new piece of equipment every 4 years at an estimated cost of $25,000. If the Universitys endowed funds earn 5% per year, how much do we need to raise ?...
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