You have been awarded a scholarship that will pay you $600 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better. You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 5% per semester, which of the following is the correct calculation for determining the present value of the scholarship?

a. PV = $600 (Annuity FV factor, i = 10%, n = 4)

b. PV = $1200 (PV factor, i = 5%, n = 4)

c. PV = $600 (Annuity PV factor, i = 5%, n = 8)

d. PV = $600 5% 8