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A fund of $5000 is used to award a scholarship of $500 at the end of each six months for as long as possible. If

A fund of $5000 is used to award a scholarship of $500 at the end of each six months for as long as possible. If the effective interest rate per 6 months is 7%, find the number of scholarships which can be awarded, and the amount left in the fund six months after the last scholarship has been awarded.

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