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1. If Drexel earns 7% a year on its endowment, how much must we contribute to establish a perpetual scholarship of $20,000 per year? 1.

1. If Drexel earns 7% a year on its endowment, how much must we contribute to establish a perpetual scholarship of $20,000 per year? 1. $592,000 2. None of these answers 3. $158,000 4. $1,400 5. $286,000

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