You want to fund a wetlands restoration project with an endowment. To get the project up and running, you will have to spend $100,000 each of the next five years. In addition, you will have to cover annual maintenance costs into the indefinite future. You expect maintenance costs to be of $10,000 next year and grow at 2% forever. If you think you can get 7% on your endowment, how much do you have to set aside today to cover all the costs?