Question: Grace a retired librarian would like to donate some money

Grace, a retired librarian, would like to donate some money to her alma mater to endow a $5,000 annual scholarship. The first scholarship will be awarded in 5 years. The university will manage the funds and expects to earn 3 percent per year. How much will Grace have to donate so that the endowment fund never runs out?

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  • CreatedFebruary 25, 2015
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