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On September 1 , 2 0 2 1 , a university receives a grant of $ 1 0 0 , 0 0 0 that is

On September

1, 2021,

a university receives a grant of $

100, 000

that is invested at

8 %

compounded quarterly. The grant is to be used to pay out semi

-

annual scholarships for

20

years. What is the size of each scholarship if the first one is awarded on September

1, 2023 ?

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