A wealthy philanthropist has established the following endowment for a hospital. The details of the endowment include the following: a. A cash deposit of $19 million one year from now. b. An annual...

A wealthy philanthropist has established the following endowment for a hospital. The details of the endowment include the following:

a. A cash deposit of $19 million one year from now.

b. An annual cash deposit of $14 million per year for the next fifteen years. The first $14 million deposit will be made today.

c. At the end of year 15, the hospital will also receive a lump sum payment of $26 million.

Assuming the cost of money is 4 percent, what is the value of this endowment in today’s dollars?