5. The Mutual Life Insurance Ltd. is selling an annuity contract, which will pay $36,000 at the end of each of next 15 years and thereafter, this annuity contract will pay $ 24,000 at the end of subsequent 15 years. The annual rate of interest of this type of annuity contracts is 6%. Mrs. Bade, who is presently 60 years old, wants to buy the annuity contract offered by the Mutual Life Insurance. What maximum price should she be willing to pay to buy the annuity contract (1 Mark)