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A donor gives $100,000 to a university, and specifies that it is to be used to give annual scholarships for the next 20 years. If

  1. A donor gives $100,000 to a university, and specifies that it is to be used to give annual scholarships for the next 20 years. If the university can earn 4% interest, how much can they give in scholarships each year?
  2. $7,257.54
  3. $7,358.18
  4. $7,425.75
  5. $7,645.89

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