Math question Help Needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

A college received a contribution to its endowment fund of $2 Million. They can never touch the principal, but they can use the earnings. At an assumed interest rate of 9.5%, how much can the college earn to help its operation each year?

Jun 10th, 2015

Thank you for the opportunity to help you with your question!

2,000,000*9.5/100

20000*9.5

190000 each year

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 10th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jun 10th, 2015
...
Jun 10th, 2015
Sep 22nd, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer