A scholarship is set up that makes two payments a year. The first payment is $750 and
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A scholarship is set up that makes two payments a year. The first payment is $750 and the second payment, made exactly 6 months later, is $1500. This payment scheme continues forever. If money can be invested at j 1 = 9%, how much money is needed to fund this scholarship six months before the first payment is to be made?
Related Book For
Fundamentals of Thermodynamics
ISBN: 978-0471152323
6th edition
Authors: Richard E. Sonntag, Claus Borgnakke, Gordon J. Van Wylen
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