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You wish to establish an endowment fund that will provide student financial aid awards every quarter, perpetually. To finance the scholarships, you will make a series of equal deposits into a savings account. The deposits will be made quarterly equal to the $1,200 each, with the first one today and the final one in 7 years. The first award is to be granted one quarter after the last deposit. The savings rate is 6.30%, compounded quarterly. How much is each award?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91381353

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