Question: 1 3 . A college endowment fund provides year - end scholarships of $ 7 5 0 0 at 2 . 8 5 % compounded

13. A college endowment fund provides year-end scholarships of $7500 at 2.85% compounded semi-annually. If the fund was set up to earn 2.85% compounded monthly instead, how much less money would be required to start the fund?

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