Needs for needy people can’t wait. So you have decided to set up an endowment fund to help the needy students. You want to provide a scholarship that will start at $2,000. To make up for inflation you want the payment for the scholarship to grow at a rate of 5%. To help out the scholarship recipient effectively, you want the payment to occur at the beginning of the year. How much money you will need to set aside now to finance this fund if the interest rate is 8%?