A financially successful alumnus wishes to make a donation to his alma mater for building a new student center and upgrading labs, as well as for establishing a scholarship fund. The donation is planned to be spent as follows: $500,000 each year for the first three years, $150,000 each year for the years 4 through 9, and then $200,000 a year indefinitely. If the college places the money into a trust account that pays 8% annually how much money should the alumnus give now?