A friend of QUT wishes to establish a trust to pay a perpetual scholarship in the memory of his mother. The scholarship would be offered every three years with the first one awarded immediately. The amount of the scholarship would be $30000. How much would he have to pay into a trust fund now to meet its commitments, if the fund can earn returns of 5% per annum?

I came up with $200 000 using perpetuity formula and makeing 5% into a 3 year interest rate but I think I am wrong