You want to endow a scholarship that will pay

$15,000

per year forever, starting one year from now. If the school's endowment discount rate is

4 %

what amount must you donate to endow the scholarship? How would your answer change if you endow it now, but it makes the first award to a student 10 years from today?

In the first case, the amount you must donate today is

(Round to the nearest cent.)