Ann decided to fund a hospital in perpetuity. The first payment is made today (t=0), which is $12,500. Each year after that, the hospital will receive payment from Ann annually. The payment will increase at a rate of 5% per year for the following three years (t=1 to t=3) after the first payment. From year four (t=4), the growth rate will decline to 3% and stay stable forever. If the annual interest rate is 12%, what is the present value of this endowment?