3. A company sets up a quarterly award to recognize the hard work and dedication of one employee per quarter. The award is $200 every three months for the first 4 years (16 awards). After that, the award increases by 1.5% per quarter for 3 years (12 awards), followed by a 1% per quarter increase thereafter. If the interest rate is j4 = 8%, how much money does the company need to set aside today to fund this award forever? (6 marks)