An investor aged 30 invests R at the beginning of each year for retirement at age 65. The last payment is made at age 65. On his 66th birthday, he wishes to receive a perpetual annuity of 100,000 per year and that each subsequent payment be indexed at 2.5%. If he assumes a return of 9.5% before retirement and 6.5% after retirement, calculate R.

1. 9,411
2. 9,612
3. 9,899
4. 10,019
5. 10,343