Tom is an actor, his age is exactly 25. Tom purchases a perpetuity-due to act as a pension benefit that starts 50 years later, exactly at his 75th birthday. According to this benefit he will be paid an annual total of $96,000 with level payments at the start of every month. (The total annual payment of $96,000 is to be equally distributed to each month.) To purchase this benefit, he will be making fifty annual premium payments, first payment being at the time of policy purchase, at the 25th birthday. Every payment after the first will increase by 8%. Assuming a flat term structure and annual effective interest rate of 10% for all valuations, what should be the amount of initial payment