You want to endow a scholarship that will pay $8,000 per year forever, starting one year from now. If the school's endowment discount rate is 10%, 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 $

nothing

. (Round to the nearest cent.)

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

In this case, the amount you must donate today is $

nothing

. (Round to the nearest cent.)