You are evaluating a promise to pay 12,000 per year, paid monthly (m = 12). If the payments begin in 5 years (first payment end of month one in year 6). Payments will increase with the rate of inflation estimated at 4.20% (APR) and will continue forever. Using monthly compounding for the entire problem, if you require 9.60% (APR) to make this investment, what is the fair value today?