The alumni of the Department of Engineering at a university collected $28,200 to set up a fund that will provide yearly scholarships to first-year graduate students. The scholarship will be awarded at the beginning of every year forever, with the first scholarship to be awarded five years after the amount is deposited. 

What will be the size of the scholarship if the fund is earning 7.8% compounded quarterly?

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The question is complete Heres a detailed solution As the fund has a perpetual nature this is a prob... View the full answer