Assume your university earns an average rate of return of 5.65 percent on its endowment funds.If a new gift permanently increases annual scholarships by $32,000, what was the amount of the gift?
A) $784,090.91
B) $485,293.05
C) $615,384.62
D) $658,929.38
E) $566,371.68
Correct Answer:
Verified
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