A donor established a scholarship that will pay $10,000 per year to a University student.The scholarship will be awarded for the first time in March of 2025 (i.e., the first payment occurs three years from now). The donor decides that the scholarship should be provided in perpetuity. The university Foundation manages investments like this for the Business School. The Foundation anticipates earning an APR of 5.6% per year on the invested funds. What is the amount of the donation that must be given to the University Foundation today to endow this scholarship?

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