An endowed faculty chair is created when a benefactor makes a donation of sufficient size that earnings from the donation pay the salary and benefits of a professor forever. How much would have to be donated to endow a chair in your name if the salary and benefits were $79,000 and the interest rate was 7%? Assume that the first salary (with benefits) is paid in one year's time. The present value of this perpetuity is $ (Round to the nearest dollar.)