Mike wants to donate $1,000,000 to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate ofj4=2.72% p.a. effective and thefirst scholarship will be first awarded 2.5 years after the date of the donation.

(b) Assume that The fund earnings rate rate has changed fromj4=2.72%toj4=2.47% one year before the first scholarship payment. How much does Mike need to add to the fund at that time (one year before the first scholarship payment) to ensure that scholarship amount will be unchanged(roundedto two decimal places)?