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A philanthropist in Kelowna donates a sum of $200000 to OC for a perpetual scholarship fund for third- and fourth-year business students. The scholarship will
A philanthropist in Kelowna donates a sum of $200000 to OC for a perpetual scholarship fund for third- and fourth-year business students. The scholarship will award two students $5500 each, once per year. If the scholarship fund earns 3% annually, how many full months must it be invested for before the first two students receive an award? The scholarship fund must be invested for months.
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