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The alumni of the Department of Engineering at a university collected $34,000 to set up a fund that will provide semi-annual scholarships to first-year graduate
The alumni of the Department of Engineering at a university collected $34,000 to set up a fund that will provide semi-annual scholarships to first-year graduate students. The scholarship will be awarded at the beginning of every six months forever, with the first scholarship to be awarded five years after the amount is deposited. What will be the size of the scholarship if the fund is earning 6.3% compounded monthly?
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