A local university received a $300,000.00 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 nine years from now. Calculate the size of the scholarship that the university can award.

Please include a well-labelled timeline diagram. Full solutions should be shown on separate sheets of paper. Submit your solutions.

Scholarship =

Round to the nearest cent