A university scholarship fund offers $6,000 annual scholarships and intends to do so in perpetuity. At an annual interest rate of 10.5% per year (effective) on its $2,400,000 fund which it has invested in preferred shares, bonds, and blue chip common stock. Determine the number of scholarships which can be presented annually.

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A university scholarship fund offers $6,000 annual scholarships and intends to do so in perpetuity. At an annual interest rate of 10.5% per year (effective) on its $2,400,000 fund which it has invested in preferred shares, bonds, and blue chip common stock. Determine the number of scholarships which can be presented annually