Maxwell Foods established a trust fund that will provide $225,000 in scholarships each year forever.The trust fund earns a 4.63 percent rate of return.How much money did the firm contribute to the fund 20 years ago,assuming that only the interest income is distributed?
A) $5,291,613.13
B) $4,859,611.23
C) $556,297.39
D) $532,897.04
E) $9,100,348.24
Correct Answer:
Verified
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