The Cambrian Foundation collected $49,431.67 to set up a fund for graduating students for the next 10 years. This was set up to help reduce the burden of student loans upon graduation. The first...

The Cambrian Foundation collected $49,431.67 to set up a fund for graduating students for the next 10 years. This was set up to help reduce the burden of student loans upon graduation. The first graduating class is will be eligible to apply for the funding in three years. What is the size of the end-of-year funding available if money earns 3.3% compounded semi-annually?

Select one:

a. $6291

b. $6500

c. $4097

d. $3966