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Paul wants to establish a scholarship fund at his former university. He would like the recipients to receive an annual $8500 award starting next year.
Paul wants to establish a scholarship fund at his former university. He would like the recipients to receive an annual $8500 award starting next year. He would like to fund ten years of these awards. Assuming the university can earn 4% o their donated funds, how much of a donation must Paul make to fund the scholarship?
$85,000.00
$77,442.65
$68,942.65
$102,051.94
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