On September 1,2014,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 1,2016?
A) $5954.92
B) $5082.46
C) $5683.21
D) $5723.68
Correct Answer:
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