The Academy for Academic Excellence has just announced their winner for the most successful student in mathematics. This student will receive a grant for their college education as well as national recognition for academic excellence in the
field of mathematics. The grant will cover $12,177.17 of the cost of school per year for 5 years. If the initial amount is
invested into an account over the five years, paying an annual interest rate of 5.5%, and you are to withdraw from this
account until the remaining balance after the 5 years is zero dollars, determine the initial amount of the grant. Round your
answer to the nearest dollar.
a. $52,000
c. $60,886
b. $55,200
d. $64,235