How much can be paid in scholarships at the end of each half-year if $180,000 is deposited in a trust fund if interest is 3.7% compounded semi-annually? The amount that can be paid each half-year is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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The interest rate is 3.7% compounded semi-annually, so we need to divide the interest rate by 2 to get the semi-annual interest rate. Semi-annual interest rate = 3.7% / 2 = 0.037 / 2 = 0.0185 Show more…
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