You determine that you need $4.5 million to start a scholarship, you and your friends decide to set up a foundation to add to the $500,000 that you all have already raised. As the investment manager, you find that the group can expect a return on investment of 7.9% annually, how much will the group be required to save per year to establish the scholarship in 20 years? Select one: a. Less than $40,000 b. Between $40,000 and $45,000 c. Between $45,000 and $50,000 d. Between $50,000 and $55,000 e. Greater than $55,000