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How much can pay out as a scholarship

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Problem 1: The faculty of School of Business collected 245,000 for the creation of a scholarship. The funds are deposited in an account that earns 3% compounded semi-annually. The school will celebrate its 100th anniversary two years from now. In commemoration of this, the first semi-annual payout scholarship will be awarded exactly 2 years after the funds are deposited. How much can they pay out as a scholarship?

Reference no: EM132620935

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