An annuity pays $600 at the end of each month over a period of four years. Interest is the first year is a nominal 8% convertible monthly. Interest in the second year is a nominal 5% convertible monthly. Interest in the third year is a nominal 7.55% convertible monthly. Interest in the final year is nominal 12% convertible monthly. Each of these rates applies during its respective year for all payments. Find the present value of this annuity at inception.