8. A successful alumni of UNO wants to establish a scholarship that will pay 2 engineering students $4000 per semester per year (assume the students can enroll for only 2 semesters a year). If the university earns 6% on endowment accounts, what amount must be deposited today by the alumni? (Hint: first calculate the total amount that is required each year for 2 students for 2 semesters)

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