You wish to establish a scholarship fund for students at Clever College. The fund would pay an annual scholarship that would start at $5,000 awarded one year from now and increase by 3.5% per year forever. If the fund could earn an effective annual return of 6%, how much would you need to contribute to the scholarship fund today for it to be fully funded?

1. $205,000
2. $207,000
3. $210,000
4. $214,000
5. $200,000