You have done an investigation and worked out that if employees were to buy access to these streaming services on their own, the cost would be around $1,200 per year. Assuming that (1) employees live for 15 years after they retire; (2) the yearly retail price of the streaming services will rise at 4% per year; (3) payments to the streaming companies are made annually at the beginning of each year, starting the day the employee retires; (4) that the employees have a discount rate of 7% p.a., and (5) that employees have an average tax rate in retirement of 20%, calculate the present value, on the day the employees retire, of the extra pre-tax payments the company would have to make to the employees to allow them to buy the same set of streaming services individually with after-tax cash.