On september 1, 2004, a philanthropist gives a university a fund of $50 000, which is invested at J2=6%. If semi annual scholarships are awarded for 20 years from this grant, what is the size of each scholarship if the first one is awarded on a) September 1, 2014; b) September 1, 2016 ? If the semi-annual scholarships were to be awarded indefinitely, what would be the size of the payments for the two starting dates listed above ?