Mike wants to donate $$5,000,000$ to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of $2\mathrm{.}31\%$ p$.$a$.$ compounded half$-$yearly $($j$2=2\mathrm{.}31\%$ p$.$a$.)$ and the first scholarship will be first awarded $3\mathrm{.}5$ years after the date of the donation.

$($a$)$ What is the amount of the annual scholarship $($rounded to two decimal places$)?$

Question $9$Answer

a$.$

$123032\mathrm{.}43$

b$.$

$123410\mathrm{.}07$

c$.$

$122286\mathrm{.}13$

d$.$

$61163\mathrm{.}00$