A perpetuity pays 1 at the end of the first two years (i.e. at time t=1 and t=2), pays 2 at the end of the second two years (i.e. at time t=3 and t=4), 3 at the end of the third two years (i.e. at time t=5 and t=6), and so on. Assuming an annual effective interest rate of 8%, find the present value of the perpetuity. Give your answer rounded to the nearest whole number.

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