Problem
The president of the E. L. Echo Corporation thought it would be appropriate for his firm to "endow a chair" in the Department of Industrial Engineering of the local university. If the professor holding the chair will receive $134,000 per year, and the interest received on the endowment fund is expected to be 8%, what lump sum of money will the Echo Corporation need to provide to establish the endowment fund?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.