A billionaire wants to set up a foundation to provide financial support to undergraduates in university. The financial support would be in a form of student grant. The costs are as follow Fee grant: 1,391,000 p.a. payable in arrears from the start of the fund. Research and qualification cost: 30,000 p.a. payable continuously from half year before the date of grant to the date of grant. Assuming the interest rate is 6% p.a. effective, calculate the amount of investment needed to start the fund if the billionaire wants the fund to run forever.