Question: On September 1 , 2 0 2 1 , a university receives a grant of $ 1 0 0 , 0 0 0 that is

On September 1,2021, a university receives a grant of $100,000 that is invested at 8% compounded quarterly. The grant is to be used to pay out semi-annual scholarships for 20 years. What is the size of each scholarship if the first one is awarded on September 1,2023?

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