Question: Please answer the following problems:
1. Downtown Medical Center is starting an endowment fund to pay for the expenses of a community outreach pediatric program. The expenses are $800,000 per year, and the program is expected to last 5 years. Assuming payments are made at the end of each year and the interest is 7% per year, what should be the size of the initial endowment?
2. In 2010, James County Hospital's total patient revenues were $30 million. In 2019, patient revenues are expected to be $60 million. What is the compound growth rate in patient revenues over this time period?
3. In 2011, King county hospital's total patient revenues were $15 million. In 2020, patient revenues are expected to be $38.37 million. What is the compound growth rate in patient revenues over this time period?
4. Upland Family practice center plans to invest $60,000 in a money market account at the beginning of each year for the next 5 years. The investment pays 3% annual interest. How much would this investment be worth after 5 years of investing?