Multiple Choice
You wish to donate $10,000 to a local charity in order for it to provide annual benefits of $750 per year in perpetuity. If interest is compounded monthly, determine the interest rate needed to fulfil this goal.
A) 8.25%
B) 8.00%
C) 7.75%
D) 7.50%
E) 7.25%
Correct Answer:
Verified
Correct Answer:
Verified
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