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An alumna gives a cash donation of $100 000 to her former university. The donation is invested in an endowment fund at j1 = 7%.
An alumna gives a cash donation of $100 000 to her former university. The donation is invested in an endowment fund at j1 = 7%. An annual scholarship is to be paid from this fund of $R for the first 10 years, followed by $1.5R thereafter. What is R ? Answer: $5581.36. Written solutions with explanation please.
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