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Perpetual scholarship fund for women in business studies

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Reference no: EM132554652

Mrs. Oriely donated $500,000 to southern Alberta institute of tech, for a perpetual scholarship fund for women in business studies. What amount can be awarded at the beginning of each anniversary ( every year ) if the scholarship fund earns 4^(1/2)% compounded monthly?

Do not round intermediate calculations, round to nearest cent at the end

Reference no: EM132554652

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