A wealthy benefactor wants to establish an endowment to pay forever the salary of one university faculty member and the tuition, fees, and books for ten undergraduates. The salary for the endowed faculty member is $$96,000$ per year, payable monthly, com$-$ mencing at the end of the first month of employment. Tuition, fees, and books total $$2,000$ per student per quarter, payable at the start of each quarter. Assume the scholarships will be awarded for the summer quarter as well as the three academic year quarters. If the endowment earns $6\%$ compounded monthly, what amount will have to be set aside? Show the cash flow diagram.