The faculty of School of Business wants to set up an monthly scholarship of $2,400 to a
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Question:
The faculty of School of Business wants to set up an monthly scholarship of $2,400 to a qualifying student. If the money is invested at j12 = 6.6% and the first monthly scholarship payment is to be made exactly 3 years after the money was deposited, in commemoration of the 50th anniversary of the first opening of the school. How much do they need to deposit today?
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