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Question(s) / Instruction(s):

A recent alumnus of your university gifted money to the school to fund annual scholarships for needy students. The school expects to earn an average rate of return of 6.5 percent and distribute $40,000 annually in scholarships. What was the amount of the gift?

a)      $615,384.62

b)      $661,423.33

c)       $328,500.00

d)      $260,000.00

e)      $658,929.38

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