Multiple Choice
If a donation of $100,000 is expected to pay out scholarships of $10,000 every year and the funds earn 7.5% compounded annually, how long will it be before the first annual payment can be made?
A) 3 years
B) 5 years
C) 7 years
D) 9 years
E) 11 years
Correct Answer:
Verified
Correct Answer:
Verified
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