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7 ) How much money is needed to establish a scholarship fund paying scholarships of $ 1 0 0 0 each half - year if

7) How much money is needed to establish a scholarship fund paying scholarships of $1000 each
half-year if the endowment can be invested at j2=5% and if the first scholarship will be
provided
a) a half-year from now
b) immediately
c)4 years from now

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