34. A SHSU alumni has decided to endow his college (COBA) at SHSU by establishing funds for an endowment which would provide the COBA with $3,000,000 per year for capital expenditures into perpetuity. The alumni will give the endowment upon his 50th birthday, which is ten years from today. He plans to accumulate the endowment by making annual deposits into an account, with the rst payment today on his 40th birthday, and the last payment on his 4'5"th birthday. The rate of interest is expected to be 4 percent in all future periods. How much must the alumni deposit each year to accumulate to the required amount, starting on his 40th birthday and ending on his 49th birthday? 1. $6,246,820.82 2. $7,370,453.43 3. $7,086,974.45 4. $6,496,693.66 5. $6,006,558.49