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Parker wants to fund a series of scholarships at his alma mater by donating $1 million today. He wants this donation to generate $27,000 in

Parker wants to fund a series of scholarships at his alma mater by donating $1 million today. He wants this donation to generate $27,000 in scholarships every year forever, with the first scholarship occurring one year from now. What annual rate of return must the scholarship fund generate in order to meet these expectations?

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