On your 25th birthday you decide to start making end-of-month deposits of $500 into an account earning nominal interest of 6% convertible monthly. You do this until you turn 60, where you move the balance of the account into a different account earning an annual effective discount rate of 7%. At the age of 65 you use $5,000 for a dream-vacation and you use the rest to purchase a perpetuity-immediate with end-of-year payments. Assuming the perpetuity has an annual effective interest rate of i = 4%, find the amount of the perpetuity payments.