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An alumni wishes to endow a scholarship fund that will award $1 mill each year in scholarships forever. How much should he donate today assuming

An alumni wishes to endow a scholarship fund that will award $1 mill each year in scholarships forever. How much should he donate today assuming an interest rate of 4%.

a. 10 mil

b. 5 mil

c. 15 mil

d. 25 mil

e. 20 mil

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