In 30 Years,you Plan to Set Up a Fellowship Fund

Multiple Choice

In 30 years,you plan to set up a fellowship fund for your university that pays out $100,000/year in perpetuity with an annually compounded discount rate of 5%.In order to set up the fund in 30 years,how much do you need to save each year (starting this year) assuming you can get a semi-annually compounded return of 10% on your savings for the next 30 years?

A) $66,666.67
B) $11,595.56
C) $21,215.49
D) $30,744.90
E) $30,000.00