An investor is to pay 80, 000 for a property. The investor will then be entitled to receive rental payments at the end of each year for 99 years. The rental payment will be fixed for the first 33 years, increasing to double the original amount for the next 33 years, and three times the original amount for the remaining 33 years. The value of the property at the end of the 99 years is expected to be 1, 500, 000. Calculate the amount of the rent payable in the first year, if the investor expects to obtain a rate of return of 8% pa effective on the purchase.