You have been accepted into university. The university guarantees that your tuition will not increase for the four years you attend. The first $10,700 tuition payment is due in six months. Afterthat, the same payment is due every six months until you have made a total of eight payments. The university offers a bank account that allows you to withdraw money every six months and has a fixed APR of 3.7% (compounded semi-annually) guaranteed to remain the same over the next four years. How much money must you deposit today if you intend to make no further deposits and would like to make all the tuition payments from thisaccount, leaving the account empty when the last payment ismade? (Note: Be careful not to round any intermediate steps less than six decimalplaces.)

The amount of money you must deposit today is