The Endeavour insurance company issues life annuities. It prices its annuities using the following probabilities. Survival probabilities Year Probability of surviving from start of year to end of year 1 2 0.89 0.68 0.57 3 40 The annuities pay $60 000 at the end of each year while the policyholder is alive. Endeavour insurance believes it can earn 4% p.a. interest on investments. It also has to provide for initial expenses of $50 at the date of issue. (c) Calculate the fair single premium value which is paid on the issue date of this policy. Round your answer to two decimal places.