A generous alum would like to establish an endowment that would sponsor a student organization's conferences in perpetuity. A onetime 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? [Enter your answer with no dollar sign or comma.] A generous alum would like to establish an endowment that would sponsor a student organization's conferences in perpetuity. A onetime 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? [Enter your answer with no dollar sign or comma.]