Problem:
On January 1, 1988, Wanda received a deferred perpetuity paying $3000 on July 1 of even numbered years beginning on July 1, 1996, and $1200 on July 1 of odd years beginning on July 1, 1997. The interest rate is 4% effective for even numbered years and 5% effective for odd numbered years.
Requirement:
Question: Find the value of this perpetuity on January 1, 1988.
Note: Provide specific examples to support your answers.