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1. On 9/1/03 a philanthropist gives a college fund a gift of $50,000. It is invested at (nominal) 10% compounding semiannually. If semiannual scholarships are

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1. On 9/1/03 a philanthropist gives a college fund a gift of $50,000. It is invested at (nominal) 10% compounding semiannually. If semiannual scholarships are awarded indefinitely, how large can they be? a. Assume that the first award is made on 9/1/03. b. Assume that the first award is made on 9/1/05

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