You are rich and you want to donate a considerable amount to the University of Windsor. 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? Choose the closest answer.

		$549,487
		$555,623
		$528,150
		$574,253