Howard Melville established a trust fund that provides $125,000 in scholarships each year for worthy students. The trust fund earns a 6.65% rate of return. How much money did Mr. Melville
Contribute to the fund assuming that only the interest income is distributed?
A) $1,333,125
B) $1,525,000
C) $1,879,699
D) $1,900,000
E) $2,004,699
Correct Answer:
Verified
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