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Determine how much do need to deposit today

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Problem 1: The faculty of School of Business wants to set up an monthly scholarship of $2,800 to a qualifying student. If the money is invested at j12 = 4.8% and the first monthly scholarship payment is to be made exactly 2 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?

Reference no: EM132973964

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