Assignment:
Five years ago, an alumnus of a small university donated $50,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 5 years after the money was donated. If the amount awarded each year (ie:, the interest) is $5ooo, the rate of return earned on the fund is closest to?
A. 7.5% per year
b. 10% per year
c. 11% per year
d. 14% per year