A wealthy philanthropist has established the following endowment for a hospital. The details of the endowment include the following:

a. A cash deposit of $15 million two years from now.

b. An annual cash deposit of $3 million per year for the next 15 years. The first $3 million deposit will start today.

c. At the end of year 15, the hospital will also receive a lump sum payment of $15 million.

Assuming the cost of money is 5 percent, what is the value of this endowment in todays dollars?