You have been awarded a scholarship that will pay you $500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better. You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 3% per semester, which of the following is the correct calculation for determining the present value of the scholarship?

A) PV = $500 × 3% × 8

B) PV = $500 × (Annuity PV factor, i = 3%, n = 8)

C) PV = $500 × (Annuity FV factor, i = 6%, n = 4)

D) PV = $1,000 × (PV factor, i = 3%, n = 4)