You wish to establish an endowed chair for an English Professor at $CU.$ If the professor occupying the position will always be paid $$100,000$ per year, and CU can earn a $5\%$ rate of return on your gift, how much do you need to donate to establish this endowed chair?

Multiple Choice

$$2,400,000$

$$4,000,000$

$$1,000,000$

$$2,000,000$