Because you are thankful for what you learned in engineering economy, you plan to start a permanent scholarship fund in the name of the professor who taught the course. You plan to deposit money now with the stipulation that the scholarships be awarded beginning 12 years from now (which happens to be the exact time that your daughter plans to begin college). The interest that is accumulated between now and year 12 is to be added to the principal of the endowment. After that, the interest that is earned each year will be awarded as scholarship money. If you want the amount of the scholarships to be $40,000 per year, how much must you donate now if the fund earns interest at a rate of 8% per year?