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 $5\mathrm{.}37\%$ p$.$a$.$ compounded half$-$yearly $($j$2=5\mathrm{.}37\%$ 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 $9$ Answer

a$.$

$313037\mathrm{.}32$

b$.$

$306010\mathrm{.}79$

c$.$

$153267\mathrm{.}24$

d$.$

$310649\mathrm{.}70$