After a retiring from a successful business career, you would like to make a donation to your university. This donation will go into the schools endowment pool and the returns generated from the donation will support the salary of a new professor in the business school on a perpetual basis. The university expects to earn returns of 5.5% on its endowment pool. You may assume that any distributions to support the salary will be made annually.

You can make a donation today (t=0) in the amount of $2,000,000. The first cash flow distribution from your donation to cover the professors salary will take place in one year (at t=1). Which of the following is closest to the annual salary payment that can be made as a result of your donation?