(2) On January 1, 1988, Wanda received a deferred perpetuity paying $3,000 on July 1 of even numbered years beginning on July 1, 1996 and $1,200 on July 1 of odd years beginning on July 1, 1997, The interest rate is 4% effective for even numbered years and 5% effective for odd numbered years. (That is, the interest rate is 4% effective for 1988, 1990, 1992, and 5% effective for 1989, 1991, 1993,..) Find the value of this perpetuity on January 1, 1988