(25 points) Evariste Galois, aged exactly 20, purchases a perpetuity-due to act as a pension benefit that starts 40 years later, exactly at his 60th birthday. According to this benefit he will be paid an annual total of 48,000 with level payments at the start of every month. (The total annual payment of 48,000 is to be equally distributed to each month.) To purchase this benefit, he will be making forty annual premium payments, first pay- ment being at the time of policy purchase, at the 20th birthday. Every payment after the first will increase by 6%. Assuming a flat term structure and annual effective interest rate of 8% for all valuations, what should be the amount of initial payment