After making lots of money on Wall Street, you decide to give some of that to charitable causes through a foundation (and you want to keep doing this each year). Each year, your foundation selects a number of promising young students and offers them each a lump-sum scholarship of 32,000 pounds. 50 such scholarships will be awarded at the inaugural ceremony, taking place a year from now. For every year thereafter, the number of scholarships will increase by 5 from the previous year (i.e. 55 in the second year, 60 in the third year, and so on). If your foundation hopes to continue this trend forever, how much endowment must it have now if the money can be invested risk-free at 4% per year