You are planning to set up a scholarship and the fund to be capable of awarding $25,000 annually in perpetuity. The first payment of the scholarship is in five years. The interest rate is 4% compounding semiannually. How much money must you put in the account now to be able to pay the scholarship?

a) $574,253

b) $528,150

c) $555,623

d) $549,487