The local Audubon Society has just put a new bird feeder in the park at a cost of $500. The feeder has a useful life of 5 years and an annual maintenance cost of $50. Fred, was very impressed with the project. He wants to establish a fund that will maintain the feeder in perpetuity. Replacement feeders cost $500 every 5 years. If the fund will earn 5% interest, what amount must he raise for its establishment? Note that both maintenance and replacement costs following the initial investment must be covered.