Lodh has funded a scholarship to his early childhood school for $15,500 per year in perpetuity. If the endowment fund can earn 6.75% per year, what is the value of endowment (current) payment Lodh must pay to launch the scholarship? (Round to the nearest dollar.)

A.

$124,900

B.

$214,375

C.

$229,630

D.

$212,150