On January 1,1988 , Felix inherited a perpetuity with annual payments beginning in six months. The first payment was $1,000, and after that the payments increased by 2% each year. Find the value of this perpetuity on January 1 , 1995 if the annual effective interest rate was 5% from January 1,1988 through January 1, 1996 and 4% thereafter. (Round your answer to the nearest cent.) $