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A permanent endowment at the University of Alabama is to award scholarships to engineering students. The awards are to be made beginning 5 years after

A permanent endowment at the University of Alabama is to award scholarships to engineering students. The awards are to be made beginning 5 years after the $10 million lump-sum donation is made. If the interest from the endowment is to fund 100 students each year in the amount of $10,000 each, what annual rate of return must the endowment fund earn?

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