You are head of a Family Endowment for the Arts. You have decided to fund a music school in Los Angeles in perpetuity. You will give the school $1 million immediately, and subsequent annual $1 million dollar payments growing at the rate of inflation, which you estimate to be 3% per year (i.e., you will contribute $1,000,000 plus inflation next year (one year from today), the year after, the year after, etc.,). If the interest rate is 8% per year, what is the present value of your gift?