If a Donation of $100,000 Is Expected to Pay Out

question 36

Multiple Choice

If a donation of $100,000 is expected to pay out scholarships of $10,000 every year and the funds earn 7.5% compounded annually, how long will it be before the first annual payment can be made?

• A) 3 years
• B) 5 years
• C) 7 years
• D) 9 years
• E) 11 years

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