The alumni of the Department of Engineering at a university collected $34,000 to set up a fund that will provide semi-an

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answerhappygod
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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-an

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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 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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