The National Research Council is considering the establishment of a perpetuity to fund faculty positions at a local university. The ongoing cost will be $9500 at the end of each month. If the money...

The National Research Council is considering the establishment of a perpetuity to fund faculty positions at a local university. The ongoing cost will be $9500 at the end of each month. If the money can earn 6.3% compounded monthly in perpetuity, what amount to be invested now is required to fund the perpetuity?

Select one:

a. $301,587

b. $1,819,024

c. $160,294

d. $612,675

e. $1,809,524