$($a$)$ A successful alumni of your university 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?

$($b$)$ The alumni decides to set up the scholarship by depositing $$350,000$ in the

endowment account of the university. The rate of interest on the account is still $6\%$ and it

is for $2$ engineering students. What is the maximum that one student can receive per

semester from the scholarship? $($use the relevant equation to find the total dollar amount

of the scholarship. Then compute the amount each student will receive each semester$)$