Suppose you want to endow (fund) an annual graduation party at CSUDH. Although 45,000 is adequate for next years party, the partys cost will rise by 4% per year thereafter. If the university earns 8% per year on its investments, and if the first party is in one years time, How much will you need to donate to the university today to endow the party?

Enter your answer in millions in the following format: 1.234 Hint: Answer is between 0.99 and 1.238