National Research Council Is Considering the Establishment in Perpetuity of a Visiting

National Research Council is considering the establishment in perpetuity of a Visiting Professor chair at UOIT. The ongoing cost will be $12 500 at the end of each month. If the money can earn 8% compounded monthly in perpetuity, what endowment is required to fund the position?

A) $156 250
B) $312 500
C) $937 500
D) $1 875 000
E) $2 000 000