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An alumnus of a small university donated $150000 to establish a permanent endowment

An alumnus of a small university donated $150,000 to establish a permanent endowment for scholarships.  The first scholarships were awarded 5 years after the money was donated.  If the amount awarded each year is $15,000,  determine the rate of return earned on the fund. 

Apr 20 2018 View more View Less

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