Kiran is thinking about purchasing a birthday gift for his girlfriend. Instead of a handbag or jewellery, he will buy a financial asset for her. He thinks this is a wonderful gift because this asset will payout a certain annual cash flow from her 26^th birthday until her 35^th birthday. The cash flow will be $5,000 on her 26^th birthday and this will grow at a rate of 3% each year. How much would Kiran have to pay on his girlfriend's 25th birthday for this asset if he paid the fair value assuming a constant interest rate of 5% p.a. compounding annually?