Shereen receives $850, 000 from a life insurance policy with which she purchases an annuity-certain. The annuity will pay 15 equal annual installments, with the first payment made one year from now. On the day she receives her sixth payments she is offered, in lieu of the future annual payments, a new payments scheme: (a) 5 annual payments of $80, 000, beginning in one year, followed by a monthly perpetuity of X. (b) The first monthly perpetuity payment would occur one month after the fifth annual payment of $80, 000. The effective annual rate of interest is 8% for the entire time period. Determine the value of X.