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Question 11 (1 point) $550000 is used to set up a perpetual scholarship fund that will provide annual scholarships to 6 students. The first scholarships

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Question 11 (1 point) $550000 is used to set up a perpetual scholarship fund that will provide annual scholarships to 6 students. The first scholarships will be granted one year from now. What is amount of EACH scholarship each year if the fund earns 5.3% compounded annually? Round your final answer in dollar format to 2 decimal places. Do not input any symbols such as the dollar sign or commas. Your

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