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Scholarship being awarded 4 years from today

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Kellie Osborn plans to make 4 equal annual deposits into a scholarship fund beginning today. If the fund earns an annual interest rate of 6 percent, how much would he have to deposit each year so that the fund could provide a $7000 scholarship each year into infinity with the first scholarship being awarded 4 years from today?

Reference no: EM132505826

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