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Q7 On 1 January 2017 you decide to create a scholarship fund which will pay $6,000 each year commencing 1 January 2020. If the effective

On 1 January 2017 you decide to create a scholarship fund which will pay $6,000 each year commencing 1 January 2020. If the effective annual interest rate is 13.0%, the amount required at 1 January 2017 to establish the scholarship is closest to:

Select one: a. $36145 b. $31987 c. $46154 d. $66595

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