A perpetuity has annual payments. The first payment is for $370 and then payments increase by $30 each year until they become level at $1,120. Find the value of this perpetuity at the time of the first payment using an annual effective interest of 4%. (Round your answer to the nearest cent.) A perpetuity has annual payments. The first payment is for $370 and then payments increase by $30 each year until they become level at $1,120. Find the value of this perpetuity at the time of the first payment using an annual effective interest of 4%. (Round your answer to the nearest cent.)