Red Deer College wants to set up a scholarship for students in its business programs such that at the end of

every year it could distribute a total of $$50,000.$ If the perpetuity fund can earn $4\mathrm{.}85\%$ compounded semiannually, how much money will need to be raised to fund the scholarship? You MUST use the TI BA II calculator features $($N$,$ I$/$Y$,$ PV$,$ PMT$,$ FV$)$ to solve questions whenever possible.