(Present Value Tables Required)You Have Been Awarded a Scholarship That

(Present value tables required) You have been awarded a scholarship that will pay you $500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better.You are a very serious student and you anticipate receiving the scholarship every semester.Using a discount rate of 3% per semester,which of the following is the correct calculation for determining the present value of the scholarship?

A) PV = $500 × 3% × 8
B) PV = $500 × (Annuity PV factor,i = 3%,n = 8)
C) PV = $500 × (Annuity FV factor,i = 6%,n = 4)
D) PV = $1,000 × (PV factor,i = 3%,n = 4)