Clair decided to set up a scholarship for college students. She deposited $1200 in an account at the end of each year for 8 years. The AV of this anmuity will be used to buy a perpetuity that pays $600 at the end of each year for a deserving student (i.e. first payment at time 9). Both the account and the perpetuity are at the same effective annual rate of interest i Determine the value closest to i.