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Funds from the Linzer Co. were needed to offer eight $1500 scholarships to college students twice a year (once in the fall and once in

Funds from the Linzer Co. were needed to offer eight $1500 scholarships to college students twice a year (once in the fall and once in the spring). If the Foundation earnings are 8%, how much money was required to fund the scholarships in perpetuity?

a. $18,750

b. $300,000

c. $37,500

d. $150,000

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