Question: The faculty of Eastern College collected $14 000 for the purpose of setting up a memorial fund from which an annual award is to be

The faculty of Eastern College collected $14 000 for the purpose of setting up a memorial fund from which an annual award is to be made to a qualifying student. If the money is invested at 7% compounded annually and the first annual award payment is to be made five years after the money was deposited, what is the size of the annual award payment?

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