17. A rich tech company owner does not have children and decides to create an endowment that will pay study loans to poor but bright students that study at his former university. The payments of the study loans start from next year onwards with an initial amount of $500,000. However, in order to correct for inflation, this amount will have to grow with the average long-term inflation rate which equals 2%. Suppose the endowment's interest rate equals 4% on an annual basis. Which amount needs to be saved now in the endowment in order to guarantee these future outflows of study loans?

A) $24,000,000

B) $26,000,000

C) $23,000,000

D) $25,000,000