As an added benefit to staff, Exclusivity Inc. intends to start a Trust Fund to assist the children of its employees with university tuition via scholarships. The intention of the company is to assist 3 different students annually with a $7,500 grant each. The grant is expected to be increased by 3% annually and provide scholarships indefinitely. Required: (a) Assuming this fund will earn 6% interest per annum, calculate the value of the fund today. (b) Exclusivity Inc. decides to fund this amount (calculated in (i)) via monthly deposits over the next 2 years in an enhanced savings account, after which the scholarships will begin. Assuming a return of 9%, compounded monthly, how much would Exclusivity need to deposit monthly over the next 2 years, to achieve this goal? (c) Compute the effective annual rate on this enhanced savings account.