Frederick Banks is planning to donate \$12 million a year in perpetuity to support an association committed to helping families in need in Uganda. Although the CEO of the association appreciates Mr. Banks' generous gift, he mentions that a \$12 million gift will only be adequate for the next year. After that salaries and other operating costs will grow 3% a year. The interest rate is 6%.
How much should Mr. Banks donate today to take into consideration the growing needs of the association?