To be able to begin a highway project, state regulations require that the money must be set aside at the beginning of the project to cover the entire project cost. The project is a 4-year project, the cost of the project will be $22 million in year 1, and costs are expected to increase by 8% each year due to anticipated design modifications. How much should the state put aside to build this highway, assuming money is invested in an account that earns 2% per year?