Ranger Oil recently donated $750,000 to the Northern Alberta Institute of Technology (NAIT) to fund (in perpetuity)
Question:
Ranger Oil recently donated $750,000 to the Northern Alberta Institute of Technology (NAIT) to fund (in perpetuity) five annual bursaries for students in Petroleum Engineering Technology. If the first five bursaries are to be awarded immediately, what is the maximum amount of each bursary? Assume that the bursary fund earns 4.9% compounded semiannually.
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