February 18th, 2020
1. The BCIT Alumni Association would like to set up a scholarship that will pay out $1,815 scholarship every 6 months forever. The funds will be deposited in an account earning 10% compounded semi-annually. How much money must scholarship will be paid
(a) 6 months from now? as a they set aside today if the first
(c) 3 years from now?
2. The BCIT Alumni Association collected $57,448.20 for the creation of a new scholarship. The funds are deposited in an account that earns 6.4% compounded semi-annually. The scholarship is awarded every 6 months forever and the first scholarship will be awarded 4 years after the funds are deposited. How much can they pay out as a scholarship? Get Finance homework help today