A proud university alumnus donated $500,000 to establish an endowed scholarship fund. Assume the fund earns 5% over the first 10 years and earns 4% each year after, forever. The uniform annual scholarship that can be awarded is closest to a) $20,000 b) $25,000 c) $20, 455 d) $22, 500 e) $20, 315 f) $21, 674 g) $31, 098