Multiple Choice
A college received a contribution to its endowment fund of $2 million. It can never touch the principal, but can use the earnings. At an assumed interest rate of 9.5 percent, how much can the college earn to help its operations each year?
A) $95,000
B) $19,000
C) $190,000
D) $18,000
Correct Answer:
Verified
Correct Answer:
Verified
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