GiGi Scholarship recently starts to fund annual scholarships for students at SCSU as a gift to the University. The school expects to earn an average rate of return of 5.5 percent and distribute $50,000 annually in scholarships. What was the amount of the gift?

a) $384,090.91

b) $485,293.05

c) $615,384.62

d) $658,929.38

e) $909,090.91