Smith wants to accumulate a sum of money in a fund that will provide a perpetual monthly income of $800, with the first payment to be received on February 1, 2020.

Smith plans to accumulate this sum by making semiannual payments of K into this fund commencing July 1, 2015. The last deposit was made on January 1, 2018. The nominal annual interest rate compounded monthly is 12%.

In which of the following ranges is K?