What is the total number of scholarships that can be awarded

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An alumnus donates $250,000 to the Mechanical Engineering Department to award $1000/year book scholarships to students for the next 10 years. If the department wants to award the same number of scholarships each year, what is the total number of scholarships that can be awarded? Assume an 8% interest rate, and draw the cashflow diagram.

Reference no: EM131603561

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