A generous alum would like to establish an endowment that would sponsor a student organization$$s conferences in perpetuity. A one$-$time cost of $$500,000$ must be paid today to purchase supplies for the conference. The conference is held once every four years and costs $$90,000.$ The first conference will take place at the end of year $4.$ The alum$$s gift is invested in an account that earns $4\%$ annually. How much would the alum need to place in the endowment to be able to sponsor the student organization$$s conferences?