Asked by Avinash

university alumni group wants to provide a semiannual scholarship to current students. If the scholarship amount of $2,800 is awarded semiannually beginning 6 months from now, and the fund earns interest at a rate of 7% per year compounded continuously, find the amount of the endowment the alumni are required to make now.
Answered by oobleck
P*e^(.07/2) = 2800
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