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Arnold Ziffle established a trust fund that provides $75,000 in scholarships each year for worthy students. The trust fund earns a 5 percent rate of return. How much money did Ziffle contribute to the fund assuming that only the interest income is distributed?

$485,000

$716,000

$1,250,000

$1,500,000

$7,500,000

 

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Reference no: EM13769027

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