Engineering Economy
Engineering Economy
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ISBN: 9781259253294
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 1, Problem 56APQ
To determine

Calculate the minimum time period to double the investment.

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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 closest to: (a) 7.5% per year (b) 8.5% per year (c) 9% per year (d) 10% per year
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