You want to endow a scholarship today that pays $11,000 per year forever, starting one year from now. What amount (in $) must you donate today to endow the scholarship if the discount rate is 9%? (Round your answer to the nearest cent.)

$

How would your answer (in $) change in if you endow the scholarship now, but it makes the first award to a student 10 years from today? (Round your answer to the nearest cent.)

$