A technology company deposited $93,900 into an account for quarterly scholarships to be awarded to business students in Calgary. The scholarship will be given at the beginning of every three months forever, with the first scholarship to be awarded four years after the amount was deposited. What will be the size of these quarterly scholarships if the interest rate is 6.9% compounded daily?

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.