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
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