The Van Vuuren family have two daughters at school. The school sent out this circular at the start of the year: A 10% discount will be allowed if the annual school fees are paid in total by 31 January. Otherwise, the monthly school fees payable at the end of each month will be R2 000 per month, starting 28 February and ending 31 December. The Van Vuuren parents are currently able to earn 12% per year, compounded monthly. If the money was invested and school fees were paid monthly (not accepting the discount rate), the future value will be