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Answer to Question #38961 in Calculus for Eileen

Question #38961
Fernando wants to start an annual scholarship program. He wants to have three five thousand dollar scholarships and one ten thousand dollar scholarship per year. The bank is offering Certificates of Deposit with an annual simple interest rate of 4% per year. How much money would Fernando need to invest in CD's to be able to pay for the scholarships with interest earned each year.
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