You are evaluating a structured investment product offered by a bank. The investment will pay a total of 16 annual payments. The first payment is $10,000, payable at the end of the first year (Year 1), and then, for the next 15 years the annual payment will grow at a rate of 5% p.a. If your required rate of return is 6% p.a., how much are you willing to pay for this product?