Calculate the present value of a perpetuity that will pay out $7,500 every six months and the first payment is to be made four years from now. The interest rate earned is 8.6% compounded semiannually.

The Pithybottoms want to make a donation to set up a scholarship trust fund at Hinose College. The fund is to support payments of $5,000 at the end of every three months in perpetuity. If the fund earns 7.5% compounded quarterly, how much must they donate?