Derek receives a perpetuity. It has annual payments with the first payment in exactly eight years. The first payment $20,000.00, the second is $26,000.00 and then the payments alternate between $20,000.00 and $26,000.00 until there have been a total of thirty payments. After that, the payments are all $20,000.00. Find the present value of this perpetuity if i = 3%.