A donation of $70,000 to a charity provides an annual scholarship to recipients. If the investment earns 3.8% compounded semi-annually, determine the value of the annual scholarship.

A) $6,685 B) $5,685 C) $4,685 D) $3,685 E) $2,685 The answer is E. But could you show me how to get the answer? Preferably via financial calculator or excel? I will give thumbs up right away for the help. thanks