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How much does the lucky winner get every six months

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Reference no: EM132868062

A rich lady puts down $10,000 with instructions that it is to be used for a scholarship. The amount is to be paid out every six months. Interest is 6% compounded semi-annually. How much does the lucky winner get every six months? Oh, and one thing: the scholarship starts in four years but she puts down the money today. No decimal places.

Reference no: EM132868062

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