To benefit the ISU College of Business, Bill Vickers would like to establish a perpetual scholarship fund that will pay for MBA tuition and fees worth $155,000 per year. The funds first payment to ISU will be issued exactly 9 years from today. If the scholarship fund earns an annual return of 3 percent, how much must Mr. Vickers deposit today to establish it? Multiple Choice

• $4,769,230.77

• $4,078,614.38

• $3,844,485.23

• $4,305,555.56

• $5,166,666.67