How much did this benefactor deposit into account initially

Reference no: EM13287444

A generous benefactor invested money in a scholarship fund 18 years ago at an interest rate of 7 percent. Every year, the fund awards $35,000 in scholarships to worthy college students. How much did this benefactor deposit into the account initially? Assume all interest is paid out annually but the principal amount remains untouched.

Reference no: EM13287444

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