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The University received a contribution for scholarships of $ 2 million dollars. You CAN NOT touch...

The University received a contribution for scholarships of $ 2 million dollars. You CAN NOT touch the main, but you can use the profits. If we assume that it is invested at 9.5%, how much can annually generate the University of this investment, to help finance its operations?

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A college received a contribution to its endowment fund of $2 million. It can never touch the principal, but can use the earnings. At an assumed interest rate of 9.5 percent, how much can the college earn to help its operations each year? A) $95,000 B) $19,000 C) $190,000 D) $18,000

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