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Please NO EXCEL 1 (12 pts) A permanent endowment at a major university is established to award scholarships to engineering students. The scholarships will be

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1 (12 pts) A permanent endowment at a major university is established to award scholarships to engineering students. The scholarships will be awarded 11 years after the $16000000 lump-sum donation is made. If the interest from the endowment is to fund 100 students each year in the amount of $16000 each (for infinite years), what annual rate of return must the endowment fund earn? Hint: (5%

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