The University of XYZ Has a Goal to Increase Its

Multiple Choice

The University of XYZ has a goal to increase its endowment from the initial value of $200,000,000, to $300,000,000 over 5 years. If the interest rate earned by the endowment (after expenses) is 5% each year (compounded continuously) , and the contributions become available continuously and at a constant rate, how much will they actually have to collect from contributors over those 5 years to meet their goal?

A) $7,604,058
B) $78,994,498
C) $7,345,657,955
D) $38,020,292