Mr. Prescorr donated $88,000 toward future scholarships. The future scholarships are to be paid according to the following schedule:

End of year 1: $6600,

End of year 2: $6800, End of year 3: $7000 Starting year 4, the scholarship will be awarded at end of each half year with amount $3500 until the fund is depleted If the account balance is less than $3500 at the end of any half year (i.e., after the awarding of the 83500 for the half year), that remaining amount immediately will be awarded as a smaller scholarship, and the account will be closed. The scholarship fund earns interest at an nominal annual rate of 6% convertible semiannually. Determine how many full 83500 scholarships will be awarded