The Texas Tech alumni association is interested in starting a new scholarship fund for incoming students. Each scholarship will be $500 and they anticipate funding 10 students each year. All scholarships are awarded at the end of the year. The organization plans to provide a total of 50 scholarships, with the first scholarships awarded at the end of the 4th year. How much would the organization need to deposit today (one lump sum deposit) to fully fund scholarships for these 50 students? Assume that the Alumni association can receive a return of 6% (compounded annually) on their investment.