1.A local university received a $450,000.00 gift to establish an endowment fund for a student scholarship. The endowment fund earns interest at a rate of 4.00% compounded semi-annually. The university will award the scholarship at the end of every quarter, with the first scholarship being awarded five years from now. Calculate the size of the scholarship that the university can award.

2. A college plans to set up an endowment fund that will provide a scholarship of $3,000 at the end of every quarter, in perpetuity. How much should the college invest in the fund, if the fund earns 4.50% compounded quarterly?