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 $3\mathrm{.}6\%$ p$.$a$.$ compounded half$-$yearly $($j$2=3\mathrm{.}6\%$ 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$.$

$196640\mathrm{.}01$

b$.$

$98396\mathrm{.}90$

c$.$

$199545\mathrm{.}85$

d$.$

$198564\mathrm{.}94$