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k0ka [10]
3 years ago
12

Say Mary would like to create a scholarship for $2,500 per year at ECU in her family's name. If the money market rate where the

corpus will be placed to earn interest is 5.5% and if the inflation rate is 4.0%, how much will she have to donate?
Business
1 answer:
Furkat [3]3 years ago
4 0

Answer:

the amount that she have to donate is $166,666.70

Explanation:

The computation of the amount that she have to donate is shown below:

Donation amount is

= Annual scholarship ÷ (interest rate - inflation rate)

= $2,500 ÷ (5.5% - 4.0%)

= $2,500 ÷ 1.5%

= $166,666.70

hence, the amount that she have to donate is $166,666.70

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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Stocks are ownership certificates, their values and payouts fluctuates.

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