Appleton University Seeks to Setup a Scholarship for Its Students

Multiple Choice

Appleton University seeks to setup a scholarship for its students in perpetuity.Every six months, $5,000 will be provided to students.If interest is 4.8% compounded monthly, determine the amount that must be invested in order to deliver on the semi-annual scholarship.

A) $206,260
B) $210,505
C) $212,222
D) $219,905