After graduating and doing well in life you have decided to give money to the College of Engineering to purchase a statue on Centennial Campus to inspire future students. Your gift of $75,000 is given to the Engineering Foundation, Inc. (EFI) office to cover the cost of the statue and its annual maintenance in perpetuity. If annual costs are $1500, and EFI earns 3% on its investments, how much can they afford to pay for the statue?