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Calculate the size of scholarship that university can award

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A local university received a $500,000.00 gift to establish an endowment fund for a student scholarship. The endowment fund earns interest at a rate of 4.00% compounded semi-annually. The university will award the scholarship at the end of every quarter, with the first scholarship being awarded six years from now. Calculate the size of the scholarship that the university can award.

Scholarship =

round to nearest cent

Reference no: EM132692866

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