Simon Fraser Recently Received a $20 Million Donation to Be

Multiple Choice

Simon Fraser recently received a $20 million donation to be used for scholarship purposes. If interest can be earned at 4.2% compounded monthly, determine the semi-annual amount of scholarships that students can apply for.

A) $423,692.20
B) $428,550.12
C) $431,084.45
D) $441,289.72
E) $444,821.94