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Question: maintenance money for an athletic complex has been sought mr...

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Maintenance money for an athletic complex has been sought. Mr.​ Kendall, Athletic​ Director, would like to solicit a donation to cover all future expected maintenance costs for the building. These maintenance costs are expected to be

Maintenance money for an athletic complex has been sought. Mr. Kendall, Athletic Director, would like to solicit a donation to cover all future expected maintenance costs for the building. These maintenance costs are expected to be $1.4 million each year for the first five years, $1.8 million each year for years 6 through 10, and $2 million each year after that. (The building has an indefinite service life.) If the money is placed in an account that will pay 8% interest compounded annually, how large should the gift be? Click the icon to view the interest factors for discrete compounding when i-8% per year. The gift should be $million. (Round to two decimal places.)

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