You plan to donate money to your alma mater to fund an annual $20,000 graduation party forever, starting one year from now. Before accepting the money, however, the student association has asked that you increase the donation to account for the effect of inflation on the cost of the party in future years. Although $20,000 is adequate for next years party, the students estimate that the partys cost will rise by 5% per year thereafter. To satisfy their request, how much do you need to donate now, given an interest rate of 7% per year? A. $100,000 B. $700,000 C. $1,000,000 D. $300,000