1. Today is January 1, 2020. Smith wishes to purchase a 30 year annuity with annual payments beginning one year from now. The annuity will be valued at an effective annual rate of 8%. Smith anticipates an effective annual inflation rate over the next year of 3% per year, so he would like each payment after the first to be 3% larger than the previous one. If smith's first payment is to be $5,000, what is the accumulate value of the annuity on January 1, 2054? (5pts]