The first maintenance cost is €38,000 on 30 June 2026, and from then on the project incurs maintenance costs every six months, each one being 1.5% higher than the previous one, indefinitely. Assume that the required return is 5% per year, and that you work with a semiannual discount rate of i_6m = 5%/2.

Treat this sequence of payments as a growing perpetuity with semiannual payments. Compute the present value at 1 January 2026 of all future maintenance costs.

Give your answer in euros, rounded to the nearest euro.