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A University Alumni Group Wishes to Provide an Annual Scholarship

Question 19

Multiple Choice

A university alumni group wishes to provide an annual scholarship in the amount of $1,100 beginning next year. If the scholarship fund will earn an interest rate of 5% / year compounded continuously, find the amount of the endowment the alumni are required to make now. ​


A) $22,559
B) $21,118
C) $22,000
D) $21,556

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