Mike wants to donate $$5,000,000$ to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of $5\mathrm{.}01\%$ p$.$a$.$ compounded half$-$yearly $($j$2=5\mathrm{.}01\%$ p$.$a$.)$ and the first scholarship will be first awarded $3\mathrm{.}5$ years after the date of the donation.

$($a$)$ What is the amount of the annual scholarship $($rounded to two decimal places$)?$

Question Answer

a$.$

$283063\mathrm{.}83$

b$.$

$289078\mathrm{.}62$

c$.$

$141743\mathrm{.}45$

d$.$

$287037\mathrm{.}56$