; flexible use of funds (a) Grant amount formula (1) Formula Subject to subsection (b), the amount of a PROMISE grant for an eligible institution for each year of the grant period shall be determined by the Secretary annually and shall be the amount determined by multiplying— (A) the lesser of— (i) the difference determined by subtracting one from the quotient of— (I) the average, for the 3 most recent award years for which data are available, of the median value-added earnings (as defined in section 103) for each such award year of students who completed any program of study of the institution; divided by (II) the average for the 3 most recent award years, of the maximum total price applicable for each such award year to students enrolled in the institution in any program of study who received financial aid under this title; or (ii) the number two; (B) the average, for the 3 most recent award years, of the total dollar amount of Federal Pell Grants (excluding Pell Plus Grants awarded under section 401(k)) awarded to students enrolled in the institution in each such award year; and (C) the average, for the 3 most recent award years, of the percentage of low-income students who received Federal financial assistance under this title who were enrolled in the institution in each such award year who— (i) completed a program of study at the institution within 100 percent of the program length of such program; or (ii) only in the case of a two-year institution or a less than two-year institution— (I) transfer to a four-year institution