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A college plans to set up an endowment fund that will provide a scholarship of $2,500 at the end of every quarter, in perpetuity. How

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A college plans to set up an endowment fund that will provide a scholarship of $2,500 at the end of every quarter, in perpetuity. How much should the college invest in the fund, if the fund earns 4.75% compounded quarterly? Round to the nearest cent

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