National Research Council Is Considering the Establishment of $2 Million

National Research Council is considering the establishment of $2 million endowment held in perpetuity of a Visiting Professor chair at UOIT. The ongoing cost will be $12 500 at the end of each month. What monthly compounded nominal rate of return must be earned to fully fund the position?

A) 0.625%
B) 6.25%
C) 0.075%
D) 7.5%
E) 6%