A recent alumnus of your university gifted money to the school to fund annual scholarships for students in need.The school expects to earn an average rate of return of 5.5 percent and distribute $50,000 annually in scholarships.What was the amount of the gift?
A) $384,090.91
B) $485,293.05
C) $615,384.62
D) $658,929.38
E) $909,090.91
Correct Answer:
Verified
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