A college university decides that they wand to fund a temporary faculty position using a donation. This faculty position will last for 5 years and will pay the faculty member in the position $60,000 at the end of each month of the first year, with the pay in each subsequent year getting a raise of 2.5%. If the donation is placed into an account that earns a nominal interest rate of 1.5% convertible monthly, how big of a donation is required to pay for this temporary faculty position?