A new permanent endowment at the University of Alabama will award scholarships to engineering students twice per
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A new permanent endowment at the University of Alabama will award scholarships to engineering students twice per year (end of June and end of December). The first awards are to be made beginning 5-1⁄2 years after the $20 million lump sum donation is made. If the interest from the endowment is intended to fund 100 students each semester in the amount of $5000 twice per year, what semiannual rate of return must the endowment fund earn?
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Related Book For 
Basics Of Engineering Economy
ISBN: 9780073376356
2nd Edition
Authors: Leland T. Blank, Anthony Tarquin
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