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george jefferson established a trust fund that will provide $176,500 per year in scholarships. the trust fund earns an annual return of 2.3 percent. how much money did mr. jefferson contribute to the fund assuming that only income is distributed?

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Mr. jefferson contribute to the fund assuming that only income is distributed $7,060,000

What is annual amount?

The response is that Mr. Jefferson gave the trust fund $7,060,000

We use the following equation, assuming that the interest earnings are equal to the annual amount of money allocated for scholarships:

  • The amount of money you make each year is your annual income. Your regular pay as well as any bonuses, commissions, overtime, or tips collected are all included in your income. Gross annual income and net annual income are two different terms that may be used to describe it.

Annual interest income / rate of return equals the total trust fund.

= $176,500 / 2.5%

= $7,060,000

Therefore, Mr. Jefferson gave the trust fund a total of $7,060,000 in contributions.

Mr. jefferson contribute to the fund assuming that only income is distributed $7,060,000

To learn more about annual amount refer to:

https://brainly.com/question/13310002

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