Five years ago, an alumnus of a small university donated $50,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 1 year after the money was donated. If the amount awarded each year (i.e., the interest) is $4500, the rate of return earned on the fund is closest to
Question 5 answers
A. 10% per year
B. 7.5% per year
C. 8.5% per year
D. 9% per year
Orignal From: economics...............................?
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