A wealthy alumnus of Abu Dhabi University wants to start a permanent award in his name. He wants to be able to give scholarships to 10 engineering students each year beginning 10 years from now. If...

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Extracted text: A wealthy alumnus of Abu Dhabi University wants to start a permanent award in his name. He wants to be able to give scholarships to 10 engineering students each year beginning 10 years from now. If alumnus wants the scholarships to be in the amount of AED 7,000 for each student, how must he donate now if the account earns interest at a rate of 7% per year? O AED 569,598.00 O AED 543,900.00 O AED 541,311.00 O AED 542,642.00