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A university is setting up a new Faculty of Sustainability Studies. It will take 5 years for the new Faculty to become fully operational. A
A university is setting up a new Faculty of Sustainability Studies. It will take 5 years for the new Faculty to become fully operational. A wealthy donor would like to set up a scholarship fund that will give student grants of $5000 every 3 months, beginning when the new Faculty becomes fully operational. How much does the donor need to donate now to set up this fund if the money can be invested for 4.75% compounded monthly?
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