You want to endow a scholarship that will pay $ 9,000 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?

a) In the first case, the amount you must donate today is $........... (Round to the nearest cent.)

b) If scholarship start one year from now: $...............