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If the first of the five bursaries are to be awarded

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Simon donated $750,000 to the Junior Idol Hopefuls to fund a perpetuity of five annual bursaries for students of the singing school. If the first of the five bursaries are to be awarded immediately, what is the maximum amount of each bursary? Assume the fund earns 4.2% compounded semi-annually.

Reference no: EM13584606

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