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Question 8 3 points Save Answe A wealthy alumnus of Stony Brook University wants to give an endowment for three needy students to take a
Question 8 3 points Save Answe A wealthy alumnus of Stony Brook University wants to give an endowment for three needy students to take a course in finance each year in perpetuity. The guaranteed annual cost of tuition in books for the course is $600 per student. The endowment will be created by making a single payment to the University. The University expects to earn 5% per year on these funds. How large must the single initial payment be? $36,000 a. $180,000 b. $15,000 C. $30,000 d
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