Five years ago, an alumnus of a university donated $50,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 1 year after the contribution. If the amount awarded each year, that is, the interest on the endowment, is $4500, the rate of return earned on the fund is closÂest to: (choose one)
(a) 7.5% per year
(b) 8.5% per year
(c) 9% per year
(d) 10% per year
i* = 4500/50,000 = 0.09 (9% per year)
Answer is (c) 9% per year
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