A wealthy benefactor just donated some money to a local college. The gift was established to provide scholorships for worthy students. The first scholarship will be granted one year from now for a total of 35,000. Anually thereafter, the scholarship amount will be increase by 5.5 percent to help ofset the effects of inflation. The scholorship fund will last indefinatey. What is the value of this girft today at a discount rate of 8 percent