Question 3 St. Francis Xavier College wants to provide an annual scholarship worth $4000. The College considers investing $100,000 in a bank account at an interest rate of 3.85% per annum and giving the interest earnt as the annual scholarship? a. How much interest will the investment earn per year? b. How much money will need to be invested so the annual scholarship of $4000 is possible?

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A: We will find out the required values.