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8. An alumnus donates $127,000 to a university in order to fund a merit scholarship. The university invests the donation into an account paying an

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8. An alumnus donates $127,000 to a university in order to fund a merit scholarship. The university invests the donation into an account paying an interest rate of 7.5% compounded monthly. The university will use this fund to award one scholarship per year for 30 years. How much can the scholarship be

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