Roger Baker has accumulated $600,000 in his RRSP and is going to purchase a 25-year annuity from which he will receive month-end payments. The money used to purchase the annuity will earn 4.8% compounded monthly. If payments grow by 2.4% compounded monthly, what will be the initial payment? (Total: 7 marks)

Interim calculations should be to six decimal places; final answer to the nearest cent.