Peter is going to die soon. In a futile attempt to create some meaning in his last days, he wishes to fund a perpetual annual scholarship in his name at the University of No Student Welfare. He has managed to accumulate $52, 500 of wealth to donate today. Peter estimates that the university has the ability to earn an interest rate of 11.70% per year on all funds in their endowment and that this rate will continue for the long term. His intention is for the very first student to receive their one-year scholarship payment exactly 15 years from today, with a new student receiving a payment from the scholarship fund every year thereafter. Having remembered about something called "inflation" from his first-year economics studies, he will have the university increase the size of the scholarship payment every year by 3.20% in order to maintain a roughly consistent standard of living for the students as the prices of beer, boba, and tuition increase over time. A) Given the above information, what is the size of the scholarship payment that the very first student will receive? The first student awarded the scholarship will receive a payment of $ (Round your answer to the nearest dollar)